City Council Resolution 2003-52CITY OF MONTICELLO
RESOLUTION NO. 2003-52
Council Member Stumpf introduce the following resolution and moved its adoption:
Resolution Providing for the Sale of
$12,230,000 General Obligation Sewer Revenue Refunding Bonds, Series 2003
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 $12,230,000 General Obligation Sewer
Revenue Refunding Bonds, Series 2003 (the "Bonds") , to current refund the City's outstanding Clean
Water Revolving Fund, Series 1997 loan with the Minnesota Public Facilities Authority prior to its stated
maturity; and
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:
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 5:00 p.m. on August 20, 2003, for the
purpose of considering sealed 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
Smith and, after full discussion thereof and upon a vote being taken thereon, the following Council
Members voted in favor thereof: Carlson, Posusta, Smith, Stumpf and Thielen
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
Dated this 28"' day of July, 2003.
ATTE
Rick Wolfsteller, City Ad inistrator
Bruce Thielen, Mayor