City Council Resolution 2014-115CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2014-115
REJECTING PROPOSAL FOR $695109000
GENERAL OBLIGATION BONDS, SERIES 2014A
A. WHEREAS, the City Council of the Monticello (the "City ") has heretofore determined
that it is necessary and expedient to issue its $6,510,000 General Obligation Bonds, Series
2014A (the "Bonds "), to finance the acquisition of various capital equipment for the City
and to fund a legal judgment against the City; and
B. WHEREAS, the City received a single proposal from Piper Jaffray & Co. ( "Piper ") for the
purchase of the Bonds, and finds that the true interest cost of the proposal is higher than
would be desirable for the sound financial management of the affairs of the City; and
C. WHEREAS, the Notice of Sale for the Bonds provides that the City may reject all
proposals without cause.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Monticello, Minnesota as
follows:
1. Proposal Rejected. The City Council hereby rejects the proposal of Piper for the purchase
of the Bonds.
ADOPTED BY the Monticello City Council on this 10th day of November, 2014.
CITY OF MONTICELLO
Clint Herbst,-Mayor'
erbst, ayor
ATTEST:
4
Jeff ill, City Administrator
452470v2 MNi MN190 -146
Extract of Minutes of Meeting
of the City Council of the City of
Monticello, Wright County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Monticello, Minnesota, was duly held in the City Hall in said City on Monday, November
10, 2014, commencing at 7:00 P.M.
The following members were present: Mayor Clint Herbst, Council Members Lloyd
Hilgart, Tom Perrault, Glen Posusta, and Brian Stumpf;
and the following were absent: None.
The Mayor announced that the next order of business was consideration of the proposals
that had been received for the purchase of the City's General Obligation Bonds, Series 2014A.
The City Finance Director presented a tabulation of the proposal that has been received in
the manner specified in the Notice of Sale for the Bonds.
After due consideration, Member Stumpf then introduced the foregoing resolution to reject
the bid and moved its adoption;
The motion for the adoption of the foregoing resolution was duly seconded by Member Perrault,
and upon vote being taken thereon, the following voted in favor thereof. Herbst, Hilgart, Perrault,
Posusta, and Stumpf;
and the following voted against the same: None.
Said resolution was declared duly passed and adopted.
452470v2 MNI MN190 -146 2
STATE OF MINNESOTA )
COUNT' OF WRIGHT ) SS.
)
CITE' OF MONTICELLO )
I, the undersigned, being the duly qualified and acting Deputy Clerk of the City of Monticello,
Wright County, Minnesota, do hereby certify that I have carefully compared the attached and
foregoing resolution of a regular meeting of the City Council of the City held on November 10, 2014
with the original resolution on file in my office insofar as it relates to rejecting the proposal for the
purchase of its $6,510,000 General Obligation Bonds, Series 2014A.
WITNESS my hand officially as Deputy City Clerk and the corporate seal of the City this
day of November, 2014.
P
Deputy City Clerk
Monticello, Minnesota
(SEAL)
452470v2 MNI MN190 -146 E -1