City Council Resolution 2008-34CITY OF MONTICELLO
RESOLUTION NO. 2008-34
RESOLUTION CALLING FbR THE SALE OF
TELECOMMUNICATION REVENUE BONDS,
SERIES 2008C
BE IT RESOLVED, by the City Council of the City of Monticello, Minnesota as
follows:
1. This Council deems it necessary and expedient that the City issue up to
$27,000,000 (27 million) in Telecommunications Revenue Bonds, Series 2008 (the `Bonds "} to
provide financing for the City's broadband communications network. Sprinted Incorporated,
the City's financial consultant, has advised that drafts of the following documents have been
prepared: (a) Indenture of Trust between the City and Wells Fargo Bank, N.A., as Trustee,
setting forth the proposed terms of the Bends; (b) Preliminary Official Statement pursuant to
which the Bonds may be offered for sale; and (c) Bond Purchase Agreement between the City
and Oppenheimer & Co., Inc. (the '"Underwriter") setting forth the terms and conditions under
which the Underwriter would be purchased.
2. Upon completion of the Preliminary Official Statement and its approval by the
City Administrator as being in near final form, the Underwriter, in cooperation with Springsted
Incorporated, is authorized to continence an offering of the Bonds and establish a proposed
pricing of the sale. This Council shall meet on May 12, 2008 at 5 or 7 o'clock p.m. for the
purpose of considering the proposed terms of the sale and considering approval of the Bond
Purchase Agreement, the Indenture and other documents relating to the issuance and sale of the
Bonds.
3. The officers of the City and Springsted incorporated are authorized to take such
actions and prepare such documents as may be necessary and expedient for the bond sale, subject
to the final approval by this Council.
Adopted by the Monticello City Council this 14`h day of April 2008.
ATTEST:
J eff 019tVity Administrator
Clint Herbst, Uayor