City Council Resolution 2005-72Council Member
moved its adoption:
Stumpf
Resolution No. 2005-72
introduced the following resolution and
Resolution Providing for the Sale of
525,940,000 General Obligation Bonds, Series 2005
A. WHEREAS, the City Council of the City of Monticello, Minnesota (the "City"), has
heretofore determined that it is necessary and expedient to issue the City's $25,940,000
General Obligation Bonds, Series 2005 (the "Bonds"), to finance the construction of various
improvements in the City; and
B. WHEREAS, the City 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 City Council of Monticello, Minnesota, as
follows:
1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for
the sale of the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:00 p.m. on July 25, 2005, for
the purpose of considering proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City 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 City upon its
completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Perrault and, after full discussion thereof and upon a vote being
taken thereon, the following Council Members voted in favor thereof:
Herbst, Mayer, Perrault, Posusta and Stumpf
the following voted against the same: None
ereupon said resolution was declared duly passed and adopted.
ed this 11 t" day of July, 2005.
,,� City Administrator