City Council Resolution 1999-71RESOLUTION NO. 99-71
EXTRACT OF MINUTES OF MEETING
CITY COUNCIL OF THE
CITY OF MONTICELLO, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Monticello, Minnesota, was duly called and held at Council Chambers, City Hall in Monticello,
Minnesota, on Monday, December 13, 1999.
The following members were present:
Roger Belsaas, Roger Carlson, Clint Herbst, Brian Stumpf
and Bruce Thielen
and the following members were absent:
None
Member Stumpf introduced the following resolution and moved its adoption:
RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1990C, DATED NOVEMBER 1, 1990
WHEREAS, the City Council of the City of Monticello, Minnesota (the "City"), issued on behalf
of the City $250,000 General Obligation Improvement Bonds, Series 1990C, dated November 1, 1990 (the
"Series 1990C Bonds"), of which $90,000 still remain outstanding; and
WHEREAS, all of the Series 1990C Bonds maturing in the years 1999 and thereafter, are subject
to redemption and prepayment at the option of the City in inverse order, on February 1, 1998 and on any
interest payment date thereafter at par, plus accrued interest, all as provided in the resolution adopted by the
City Council on September 18, 1990, authorizing the issuance of the Series 1990C Bonds (the "1990
Resolution"); and
WHEREAS, the City Council deems it desirable and in the best interests of the City to call those
bonds maturing in the years 2001 through 2002, both inclusive, totaling $60,000 in principal amount, on
February 1, 2000, in accordance with the 1990 Resolution; and.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello, Minnesota,
as follows:
(1) All of the Series 1990C Bonds maturing in the years 2001 through 2002, both inclusive,
totaling $60,000 in principal amount shall be redeemed and prepaid on February 1, 2000,
at par, plus accrued interest.
EXHIBIT A
NOTICE OF REDEMPTION
General Obligation Improvement Bonds, Series 1990C
Dated November 1, 1990
City of Monticello, Minnesota
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello, Minnesota, there
have been called for redemption and prepayment on
February 1, 2000
the following outstanding bonds of the City designated as General Obligation Improvement Bonds, Series
1990C, dated November 1, 1990:
Maturity Date
February 1, 2001
February 1, 2002
Principal Amount
$30,000
$ 30,000
Interest Rate
6.75%
6.85%
CUSIP Number
614468 QG4*
614468 QH2*
The bonds are being called at a price of 100% of their principal amount plus accrued interest to February 1,
2000, on which date they will cease to bear interest. Holders of such bonds hereby called for redemption
should present their Bonds for payment to Firstar Bank, N.A., Milwaukee, Wisconsin, (f/k/a Firstar Trust
Company), successor to American Bank National Association, St. Paul, Minnesota (formerly, American
National Bank and Trust Company), at the address below, on or before February 1, 2000.
It is recommended that you mail your bonds registered or certified mail to guard against loss.
Firstar Bank, N.A.
Attention: Corporate Trust Services
1555 North RiverCenter Drive, Suite 301
Milwaukee, Wisconsin 53212
BY ORDER OF THE CITY COUNCIL
CITY OF MONTICELLO, MINNESOTA
/s/ City Administrator
Dated: December 13, 1999
Important Notice: In compliance with the Interest and Dividend Compliance Act of 1983 and Broker
Reporting Requirements, the redeeming institutions are required to withhold 31 % of the principal amount
of your holdings redeemed unless they are provided with your social security number or federal employer
identification number, properly certified. This requirement is fulfilled through the submitting of a W-9 Form,
which may be obtained at a bank or other financial institution.
*Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or use of the
CUSIP number, and no representation is made as to its correctness indicated in the Notice of Redemption.
CUSIP numbers are included solely for the convenience of the Holders.
(2) The City Administrator is hereby authorized and directed to give mailed notice of call, prior
to February 1, 2000, for the Series 1990C Bonds, to the Bond Registrar/Paying Agent,
Firstar Bank, N.A., in Milwaukee, Wisconsin, (f/k/a Firstar Trust Company), as agent for
Firstar Bank, N.A., in St. Paul, Minnesota, successor to American Bank National
Association, St. Paul, Minnesota (formerly, American National Bank & Trust Company) and
to all holders of the Bonds. Said notice shall be substantially in the form shown as Exhibit
A.
(3) The City Administrator shall publish said Notice in a financial newspaper, Finance and
Commerce, published daily in Minneapolis, Minnesota, such publication being at least 30
days prior to the call date of February. 1, 2000.
(4) The City Administrator is hereby authorized and directed to deposit with the Bond
Registrar/Paying Agent of the Series 1990C Bonds, Firstar Bank, N.A., in Milwaukee,
Wisconsin, (f/k/a Firstar Trust Company), as agent for Firstar Bank, N.A., in St. Paul,
Minnesota, successor to American Bank, National Association, St. Paul, Minnesota
(formerly, American National Bank & Trust Company) , prior to the call date of February
1, 2000, sufficient funds to pay all principal and interest due on the Series 1990C Bonds as
of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by MemberHe rb s t
and upon a vote being taken thereon, the following voted in favor thereof:
Roger Belsaas, Roger Carlson, Clint Herbst, Brian Stumpf and Bruce Thielen
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.