City Council Resolution 1992-35RESOLUTION 92-35
RESOLUTION ADOPTING THE 1993 BUDGET AND
SETTING THE TAX LEVY
WHEREAS, the City Administrator has prepared and submitted to the City Council a budget setting forth
therein his estimated needs of the City of Monticello for all operations and the debt service for the fiscal
year commencing January 1, 1993, and;
WHEREAS, the City Council has reviewed the same and has made such changes therein as appear to be
in the best interest of the City of Monticello;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF MONTICELLO that the
budget so submitted by the City Administrator, together with the changes made therein by the City Council,
be and same hereby is adopted as a budget for the fiscal year commencing January 1, 1993, and;
BE IT FURTHER RESOLVED by the Council of the City of Monticello that there be and hereby is levied
for the fiscal year commencing January 1, 1993, and the following sums for the respective purposes
indicated therein upon the taxable property of the City of Monticello, to wit:
REVENUE
General
$1,758,960
Library
30,235
OAA
30,225
HRA
11,700
Tree
24,200
Transportation
16,777
DEBT RETIREMENT
Debt Service Fund
$ 676,065
CAPITAL IMPROVEMENTS
Capital Improvement Revolving 243,101
TOTAL TAX LEVY $2,791,263
The above resolution was introduced by Councilmember Dan Blonigen, was duly seconded by
Councilmember Shirley Anderson, with the following voting in favor thereof:
Ken Maus, Shirley Anderson, Clint Herbst, Brad Fyle, Dan Blonigen
The following voting in the opposition: None
The City Administrator is hereby instructed to transmit a certified copy of this resolution to the County
Auditor of Wright County, Minnesota.
Dated this 2nd day of December, 1992.
Mayor
City Administrato
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 said City on
Monday, December 14, 1992, commencing at 7:00 P.M.
The following members were present: Kenneth Klaus, Shirley Anderson, Daniel
Blonigen, Clint Herbst and Brad Fyle
and the following were absent: None
The Mayor announced that the next order of business was consideration of the
bids which had been received for the purchase of the City's $535, 000 General
Obligation Refunding Bonds, Series 1993A.
The City Administrator presented a tabulation of the proposals which had been
received in the manner specified in the Official Terms of Proposal of the Bonds. The
proposals were as follows:
BU45918
MN190-39 1
AWARD:
SALE:
PFAA SPRINGSTED
PFAA
PUBLIC FINANCE ADVISORS
Home Office
85 East Seventh Place
Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
120 South Sixth Street
Suite 2507
Minneapolis, MN 55402-1800
(612) 333-9177
Fax: (612) 349-5230
16655 West Bluemound Road
Suite 290
Brookfield, WI 53005-5935
(414) 782-8222
Fax: (414) 782-2904
6800 College Boulevard
Suite 600
Overland Park, KS 66211-1533
(913) 345-8062
Fax: (913) 345-1770
1800K Street NW
Suite 831
Washington, DC 20006-2200
(202) 466-3344
$535,000 Fax: (202) 223 1362
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1993A
PARK INVESTMENT CORPORATION
December 14, 1992
Moody's Rating: A
CRONIN & COMPANY, INCORPORATED 3.00% 1994 $531,522.50 $52,930.00 4.0572%
3.50% 1995
3.90% 1996
4.20% 1997
ROBERT W. BAIRD & COMPANY, 3.15% 1994 $534,010.25 $52,970.17 4.0603%
INCORPORATED 3.70% 1995
4.10% 1996
4.40% 1997
SMITH BARNEY, HARRIS UPHAM & 3.15%
Interest
Net Interest
Net Interest
Bidder
Rates
Price Cost
Rate
FBS INVESTMENT SERVICES, INC. 3.00%
1994 $531,522.50 $53,242.50 4.0811%
3.60%
1995
PARK INVESTMENT CORPORATION
3.00% 1994
$532,238.25 $51,757.58
3.9673%
3.50% 1995
4.00% 1996-1997
JOHN G. KINNARD & COMPANY
3.15% 1994
$534,197.50 $52,782.92
4.0459%
INCORPORATED
3.70% 1995
4.10% 1996
4.40% 1997
CRONIN & COMPANY, INCORPORATED 3.00% 1994 $531,522.50 $52,930.00 4.0572%
3.50% 1995
3.90% 1996
4.20% 1997
ROBERT W. BAIRD & COMPANY, 3.15% 1994 $534,010.25 $52,970.17 4.0603%
INCORPORATED 3.70% 1995
4.10% 1996
4.40% 1997
SMITH BARNEY, HARRIS UPHAM & 3.15%
1994 $533,983.50 $52,996.92 4.0623%
COMPANY INCORPORATED 3.70%
1995
4.10%
1996
4.40%
1997
FBS INVESTMENT SERVICES, INC. 3.00%
1994 $531,522.50 $53,242.50 4.0811%
3.60%
1995
3.90%
1996
4.20%
1997
(Continued)
PIPER JAFFRAY INC. 3.20% 1994 $531,255.00 $54,918.96 4.2096%
3.75% 1995
4.00% 1996
4.25% 1997
DOUGHERTY, DAWKINS, STRAND & 3.50% 1994 $530,720.00 $55,169.99 4.2289%
BIGELOW, INCORPORATED 3.70% 1995
3.90% 1996
4.20% 1997
MILLER & SCHROEDER FINANCIAL, INC. 3.50% 1994 $531,282.00 $55,179.04 4.2296%
3.75% 1995
3.95% 1996
4.25% 1997
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Interest
Yield
Net Interest
Net Inter
Bidder
Rates
Price
Cost
Rate
1996
Par
4.00%
1997
4.20%
AMERICAN NATIONAL BANK SAINT PAUL
3.00% 1994
$531,685.40
$53,382.31
4.0919%
3.50% 1995
4.00% 1996
4.25% 1997
NORWEST INVESTMENT SERVICES, INC.
3.00% 1994
$530,773.50
$54,304.00
4.1625%
3.70% 1995
3.90% 1996
4.20% 1997
MOORE, JURAN AND COMPANY,
3.10% 1994
$531,704.40
$54,365.18
4.1672%
INCORPORATED
3.70% 1995
4.00% 1996
4.30% 1997
PIPER JAFFRAY INC. 3.20% 1994 $531,255.00 $54,918.96 4.2096%
3.75% 1995
4.00% 1996
4.25% 1997
DOUGHERTY, DAWKINS, STRAND & 3.50% 1994 $530,720.00 $55,169.99 4.2289%
BIGELOW, INCORPORATED 3.70% 1995
3.90% 1996
4.20% 1997
MILLER & SCHROEDER FINANCIAL, INC. 3.50% 1994 $531,282.00 $55,179.04 4.2296%
3.75% 1995
3.95% 1996
4.25% 1997
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yield
3.00%
1994
Par
3.50%
1995
Par
4.00%
1996
Par
4.00%
1997
4.20%
BBI: 6.22
Average Maturity: 2.44 Years