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City Council Resolution 2008-80CITY OF MONTICELLO RESOLUTION NO. 2008-80 RESOLUTION ADOPTING ASSESSMENT ROLL DEVELOPMENT CHARGES — 617 LOCUST STREET WHEREAS, pursuant to the terms of an assessment agreement dated August 22, 2008 covering additional SAC charges for 617 Locust Street (155 - 010-007020) NOW THEREFORE, BE IT HEREBY RESOL YED BY THE CITY COUIVCIZ OF MOIVTICELLO, MINNESOTA: 1. Such proposed assessment, a copy of which is attached hereto and made a part hereof, is hereby accepted and shall constitute the special assessment against the lands named therein, and each tract of land therein included is hereby found to be benefited by the proposed improvement in the amount of the assessment levied against it. 2. Such assessment shall be payable in equal annual installments extending over a period of five years, the first of the installments to be payable on or before the first Monday in January 2009, and shall bear interest at the rate of seven percent per annum from the date of the adoption of the assessment. To the first installment shall be added interest on the entire assessment from October 13, 2008 until December 31, 2009. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 3. The owner of any property so assessed may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, to the City, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of this resolution; and the property owner, may, at any time thereafter, pay to the City the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the next succeeding year. 4. The City Clerk shall forthwith transmit a certified duplicate of this assessment to the County Auditor to be extended on the property tax lists of the County. Such assessments shall be collected and paid over in the same manner as other municipal taxes. Adopted by the Monticello City Council this 13th day of October, 2008, 4 -/:, 0 0 z /-,*-/ ATTEST: Clint Herbst, Mayor Jeff O'Nqgo Administrator 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 the City of Monticello, on Monday, October 13, 2008, commencing at 7:00 P.M. The following members were present: Clint Herbst, Wayne Mayer, Tom Perrault, Brian Stumpf and Susie Wo jchouski. and the following were absent: None Member Stumpf introduced the following resolution and moved its adoption: RESOLUTION NO. 2008-81 RESOLUTION PROVIDING FOR THE PREPAYMENT AND REDEMPTION OF CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY BE IT RESOLVED By the City Council of the City of Monticello, Wright County, Minnesota, as follows: 1. The City has issued and sold its: (a) General Obligation Improvement Bonds, Series 1999, dated January 1, 1999 (the "Series 1999 Bonds); (b) General Obligation Improvement Bonds, Series 2000B, dated August 1, 2000 (the "Series 2000B Bonds); and (c) General Obligation Improvement Bonds, Series 2003A, dated September 1, 2003 (the "Series 2003A Bonds) (collectively, the `Bonds') in the total principal amounts of $3,000,000, $1,645,000 and $2,420,000 respectively. 340455v1 S1H MN190 -134 The Series 1999 Bonds maturing on or after February 1, 2005, are subject to redemption and prepayment on any date; the Series 2000B Bonds maturing on or after February 1, 2008, are subject to redemption and prepayment on any date; and the Series 2003A Bonds maturing on or after February 1, 2010, are subject to redemption and prepayment on February 1, 2009, and on any date thereafter at a price of par plus accrued interest. 2. It is determined that it is in the best interests of the sound financial management of the City that: (a) the Series 1999 Bonds maturing on February 1 in the years 2009 to and including 2010, comprising all of the Bonds subject to redemption, be prepaid and redeemed on December 1, 2008 and those Bonds are hereby called for redemption on that date. (b) the Series 2000B Bonds maturing on February 1 in the years 2009 to and including 2011, comprising all of the Bonds subject to redemption, be prepaid and redeemed on December 1, 2008 and those Bonds are hereby called for redemption on that date. (c) the Series 2003A Bonds maturing on February 1 in the years 2009 to and including 2015, comprising all of the Bonds subject to redemption, be prepaid and redeemed on February 1, 2009 and those Bonds are hereby called for redemption on that date. 3. The Registrar is authorized and directed to mail, in accordance with law, a notice of call for redemption of the Bonds in the forms attached hereto as EXHIBITS A, B and C to the registered owner of each Bond to be redeemed at the address shown on the registration books kept by the Registrar, and to mail a copy of the notice to the original purchaser of the Bonds. (The ranainder of this page is intentionally left blank.) 340455v1 SJB MN190 -134 2 I— W, "j, 'y,o A, ,- e, , Q�­ -5- IN; .40 Lflo� UUv ", -1, Y I 4W Ma v e M�� can Herbst, Mayer, Arrazit, Stumpf and Wofchouskl, � -'Cl the lffillcj'*V-�ng wymc), agains�: No n a said Was clex-1, dlzly'rnmw 34N55A SJB MN190-134 STATE OF MINNESOTA ) COUNTY OF WRIGHT ) SS. CITY OF MONTICELLO } I, the undersigned, being the duly qualified and acting Administrator of the City of Monticello, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council held on Monday, October 13, 2008, with the original thereof on file in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to the prepayment and redemption of $3,000,000 General Obligation Improvement Bonds, Series 1999; $1,645,000 General Obligation Improvement Bonds, Series 2000B; and $2,420,000 General Obligation Improvement Bonds, Series 2003A, of the City. WITNESS My hand as City Administrator and the corporate seal of the City this 13th day of October, 2008. IJ nistrator Mont:c o, Minnesota (SEAL) 340455v1 SJBMN190 -134 1• i NOTICE OF CALL FOR REDEMPTION $3,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1999 C1 T Y OF MONTICELLO WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Monticello, Wright County, Minnesota, there have been called for redemption and prepayment on DECEMBER 1, 2008 all outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 1999, dated January 1, 1999, having stated maturity dates of February 1 in the years 2009 through 2010, both inclusive, totaling $635,000 in principal amount, and with the following CUSIP numbers: Year of Maturity Amount CUSIP 2009 $315,000 614468 TK2 2010 320,000 614468 TLO The bonds are being called at a price of par plus accrued interest to December 1, 2008, 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 at the main office of U.S. Bank National Association, in the City of St. Paul, Minnesota (formerly known as Firstar Bank of Minnesota) on or before December 1, 2008. If by mail: If by hand. U.S. Bank National Association U.S. Bank National Association Corporate Trust Operations 60 Livingston Avenue 60 Livingston Avenue 3`d Floor — Bond Drop Window EP- MN -WS3C St. Paul, MN 55107 St. Paul, MN 55107 3404550 SJB MN190 -134 Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003, federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time 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. The Registrar will not be responsible for the selection or use of the CUSIP number, nor is any representation made as to the correctness indicated in the Redemption Notice or on any Bond. It is included solely for convenience of the Holders. Additional information may be obtained from: U.S. Bank National Association Corporate Trust Division Bondholder Relations {800} 934 -6802 Dated: October 14, 2008. BY ORDER OF THE CITY COUNCIL By City Administrator City of Monticello, Minnesota 340455A SIB MN190 -134 "i w NOTICE OF CALL FOR REDEMPTION $1,645,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2000B CITY OF MONTICELLO WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Monticello, Wright County, Minnesota, there have been called for redemption and prepayment on DECEMBER 1, 2008 all outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 2000B, dated August 1, 2000, having stated maturity dates of February 1 in the years 2009 through 2011, both inclusive, totaling $435,000 in principal amount, and with the following CUSIP numbers: Year of Maturity 2009 2010 2011 Amount $145,000 145,000 145,000 CUSIP 614468 VAl 614468 VB9 614468 VC7 The bonds are being called at a price of par plus accrued interest to December 1, 2008, 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 at the main office of U.S. Bank National Association, in the City of St. Paul, Minnesota (formerly known as U.S. Bank Trust National Association) on or before December 1, 2008. If by avail: U.S. Bank National Association Corporate Trust Operations 60 Livingston Avenue EP- MN -WS3C St. Paul, MN 55107 340455v1 SJSMM190 -134 If by hand: U.S. Bank National Association 60 Livingston Avenue 3'd Floor — Bond Drop Window St. Paul, MN 55107 Important Notice: in compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003, federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time 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. The Registrar will not be responsible for the selection or use of the CUSIP number, nor is any representation made as to the correctness indicated in the Redemption Notice or on any Bond. It is included solely for convenience of the Holders. Additional information may be obtained from: U.S. Bank National Association Corporate Trust Division Bondholder Relations (800) 934 -6802 Dated: October 14, 2008. BY ORDER OF THE CITY COUNCIL By City Administrator City of Monticello, Minnesota 340455vl s]B MN190 -134 f !: NOTICE OF CALL FOR REDEMPTION $2,420,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2003A CITY OF MONTICELLO WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello, Wright County, Minnesota, there have been called for redemption and prepayment on FEBRUARY 1, 2009 all outstanding bonds of the City designated as General Obligation Improvement Bonds, Series 2003A, dated September 1, 2003, having stated maturity dates of February 1 in the years 2009 through 2015, both inclusive, totaling $1, 770,000 in principal amount, and with the following CUSIP numbers: Year of Maturity Amount CUSIP 2009 $230,000 614468 WG7 2010 235,000 614468 W135 2011 245,000 614468 WJ1 2012 250,000 614468 WK8 2013 260,000 614468 WL6 2014 270,000 614468 WM4 2015 280,000 614468 WC6 The bonds are being called at a price of par plus accrued interest to February 1, 2009, 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 at the main office of U.S. Bank National Association, in the City of St. Paul, Minnesota, on or before February 1, 2009. If by mail: U.S. Bank National Association Corporate Trust Operations 60 Livingston Avenue EP- MN -WS3C St. Paul, MN 55107 340455v1 sJS MN190 -134 If by hand: U.S. Bank National Association 60 Livingston Avenue 3'd Floor — Bond Drop Window St. Paul, MN 55107 Important Notice: In compliance with the Jobs and Growth Tax Relief Reconciliation Act of 2003, federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the time 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. The Registrar will not be responsible for the selection or use of the CUSIP number, nor is any representation made as to the correctness indicated in the Redemption Notice or on any Bond. It is included solely for convenience of the Holders. Additional information may be obtained from: U.S. Bank National Association Corporate Trust Division Bondholder Relations (800) 934-6802 Dated: October 14, 2008. BY ORDER OF THE CITY COUNCIL r By City for City of Monticello, Minnesota 340455v1 SJB MN190 -134