2007 ResolutionsEDA Resolution No. 2007-02
Resolution Providing for the Sale of
$6,100,000 Public Project Revenue Refunding Bonds, Series 2008
WHEREAS, the Housing and Redevelopment Authority (the "HRA") in and for the
Ciry of Monticello (the "City") previously issued its $7,555,000 Public Project Revenue Bonds,
Series 2000A (the "Series 2000A Bonds") pursuant to that certain Trust Indenture by the HRA to
U.S. Bank Trust National Association dated as of March 1, 2000 (the "Indenture"); and
WHEREAS, the Ciry Council of the City has taken the necessary steps to allocate all
powers and projects of the HRA to the City of Monticello Economic Development Authority (the
"EDA"), and the HRA, by its Resolution I~o007 ~~ated November 7, 2007, has transferred and
assigned to the EDA all outstanding contracts to which the HRA is a party and all bonded
indebtedness issued by the HRA, including the Indenture and the Series 2000A Bonds; and
WHEREAS, the Board of Commissioners ("Board") of the EDA now deternunes that it
is necessary to issue its $6,100,000 Public Project Revenue Refunding Bonds, Series 2008 (the
"Bonds"), to advance refund the outstanding 2009-2015 maturities of the Series 2000A Bonds
totaling $5,740,000 in their entirety on February 1, 2008; and
WHEREAS, the EDA has retained Ehlers & Associates, Inc., in Roseville, Minnesota
("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to solicit
proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9).
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of
Monticello Economic Development Authority as follows:
1. Authorization. The Boazd hereby authorizes Ehlers to solicit proposals for the sale of the
Bonds.
2. Meeting; Proposal Opening. The Boazd shall meet at~:~ p.m. on Januaryl~, 2008, for
the purpose of considering proposals for and awazding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the EDA
are hereby authorized to cooperate with Ehlers and participate in the preparation of an
official statement for the Bonds and to execute and deliver it on behalf of the EDA upon
its completion.
325722v1 MNIMNl90-(30
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 18`h day of December, 2007.
s
:~ ~ ~.
vJ i ~_
President
ATTEST:
325722v1 MN[ MN190-(30
EDA RESOLUTION NO. 2007-01
RESOLUTION ACCEPTING TRANSFER OF PROJECTS
AND PROGRAMS FROM HRA TO EDA; APPROVING
CERTAIN ORGANIZATIONAL MATTERS
BE IT RESOLVED by the City of Monticello Economic Development Authority ("EDA")
as follows:
1. The City Council has duly adopted an amended and restated Enabling Resolution
(Resolution No. 2007-08 creating the EDA pursuant to Minnesota Statutes, Chapter 469 (the
"Act").
2. The Enabling Resolution provides that the EDA has and may exercise all of the
powers conferred by the Act upon a housing and redevelopment authority of the City.
3 . By Resolution No. ~ n n ~ _ n ~ end pursuant to Section 469.094, Subdivision 2 of the
Act, the City Council transferred the control, authority and operation of any project defined in
Section 469.174, Subdivision 8 (relating to tax increment financing for such projects) and any other
project or program established by the Housing and Redevelopment Authority in and for the City of
Monticello (the "HRA") from the HRA to the EDA. The EDA accepts responsibility for the
control, authority and operation of each project and program of whatever nature heretofore
established by the HRA.
4. Section 469.094, Subdivision 2, of the Act provides that when a project or program
is transferred from the HRA to the EDA, the EDA must covenant and pledge to perform the terms,
conditions and covenants of any agreement of the HRA executed for the security of any bonds
issued in support of the transferred project or program and to perform the terms, conditions and
covenants of the HRA in connection with the program or project so transferred. The EDA hereby
covenants and pledges to assume all of the duties and responsibilities of the HRA in connection
with each and every program or project so transferred by the City from the HRA to the EDA.
5. The EDA appoints the Economic Development Director of the City of Monticello as
the Executive Director of the EDA.
6. The Executive Director is authorized and directed to take whatever steps are
necessary to give effect to this Resolution. The President and Executive Director are authorized and
directed to execute, deliver and accept on behalf of the EDA any and all documents and instruments
necessary to give effect to this Resolution.
325893v1 MNI bIN190-130
Approved this December 18, 2007 by the Board of Commissioners of the City of Monticello
Economic Development Authority.
President
ATTEST:
Executive Director
325893v1 MNI MN190-130