City Council Resolution 1991-28After due consideration of the bids, Member B1onigen then
introduced the following resolution and moved its adoption:
FESOLUTION NO. 91-28
A RESOLUTION AWARDING THE SALE OF $5152000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991A;
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the City Council of the City of Monticello, Wright
County, Minnesota (City) as follows:
Section 1. Sale of Bonds.
1.01. The bid of Dain Bosworth Incorporated (Purchaser) to
purchase $515,000 General Obligation Improvement Bonds, Series 1991A (Bonds) of
the City described in the Official Terms of Offering thereof is hereby found and
determined to be the highest and best bid received pursuant to duly advertised
notice of sale and shall be and is hereby accepted, the bid being to purchase
the Bonds at a price of $511,051.05 _ plus accrued interest to date of delivery,
for Bonds bearing interest as follows:
Year of Maturity Interest Rate Year of Maturity
1993 4.85% 1997
1994 5.00 1998
1995 5.25 1999
1996 5.45
Net effective interest rate: 5.72649%
Interest Rate
5.65%
5.75
5.85
1.02. The sum of $ 29491.05 being the amount bid by the Purchaser in
excess of $ 5087550 will be credited to the Debt Service Fund hereinaf-
ter created. The City Administrator is directed to retain the good faith check
of the Purchaser, pending completion of the sale of the Bonds, and to return the
good faith checks of the unsuccessful bidders forthwith. The Mayor and City
Administrator are directed to execute a contract with the Purchaser on behalf of
the City.
1.03. The City will forthwith issue and sell the Bonds in the total
principal amount of $515,000, originally dated September 1, 1991, in the
denomination of $5,000 each or any integral multiple thereof, numbered No. R-1,
upward, bearing interest as above set forth, and which mature serially on
February l'without option of prior payment in the years and amounts as follows:
Year
Amount
Year
Amount
1993
$759000
1997
$75,000
1994
75,000
1998
70,000
1995
759000
1999
70,000
1996
75,000
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds shall be issued only in fully registered
form. The interest thereon and, upon surrender of each Bond, the principal
amount thereof, is payable by check or draft issued by the Registrar described
herein.
2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the
last interest payment date preceding the date of authentication to which inter-
est on the Bond has been paid or made available for payment, unless (i) the date
of authentication is an interest payment date to which interest has been paid or
made available for payment, in which case such Bond shall be dated as of the
date of authentication, or (ii) the date of authentication is prior to the first
interest payment date, in which case such Bond will be dated as of the date of
original issue. The interest on the Bonds is payable on February 1 and August 1
of- each year, commencing August 1, 1992, to the owner of record thereof as of
the close of business on the fifteenth day of the immediately preceding month,
whether or not such day is a business day.
2.03. Registration. The City will appoint, and shall maintain, a bond
registrar, transfer agent, authenticating agent and paying agent (Registrar).
The effect of registration and the rights and duties of the City and the Regis-
trar with respect thereto are as follows:
(a) Register. The Registrar must keep at its principal corporate
trust office a bond register in which the Registrar provides for the
registration of ownership of Bonds and the registration of transfers and
exchanges of Bonds entitled to be registered, transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly
endorsed by the registered owner thereof or accompanied by a written
instrument of transfer, in form satisfactory to the Registrar, duly execut-
ed by the registered owner thereof or by an attorney duly authorized by the
registered owner in writing, the Registrar will authenticate and deliver,
in the name of the designated transferee or transferees, one or more new
Bonds of a like aggregate principal amount and maturity, as requested by
the transferor. The Registrar may, however, close the books for registra-
tion of any transfer after the fifteenth day of the month preceding each
interest payment date and until such interest payment date.
(c) Exchange of Bonds. When Bonds are surrendered by the registered
owner for exchange the Registrar will authenticate and deliver one or more
new Bonds of a like aggregate principal amount and maturity, as requested
by the registered owner or the owner's attorney in writing.
(d) Cancellation. Bonds surrendered upon any transfer or exchange
will be promptly cancelled by the Registrar and thereafter disposed of as
directed by the City.
(e) Improper or Unauthorized Transfer. When a Bond is presented to
the Registrar for transfer, the Registrar may refuse to transfer the Bond
until the Registrar is satisfied that the endorsement on the Bond or
separate instrument of transfer is valid and genuine and that the requested
transfer is legally authorized. The Registrar will incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment,
deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the
person in whose name a Bond is registered in the bond register as the
absolute owner of the Bond, whether the Bond is overdue or not, for the
purpose of receiving payment of, or on account of, the principal of and
interest on the Bond and for all other purposes and payments so made to
registered owner or upon the owner's order will be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent of the sum
or sums so paid.
(g) Taxes, Fees and Charges. For a transfer or exchange of Bonds,
the Registrar may impose a charge upon the owner thereof sufficient to
reimburse the Registrar for any tax, fee or other governmental charge
required to be paid with respect to the transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. if a Bond becomes
mutilated or is destroyed, stolen or lost, the Registrar will deliver a new
Bond of like amount, number, maturity date and tenor in exchange and
substitution for and upon cancellation of the mutilated Bond or in lieu of
and in substitution for a Bond destroyed, stolen or lost, upon the payment
of the reasonable expenses and charges of the Registrar in connection
therewith; and, in the case of a Bond destroyed, stolen or lost, upon
filing with the Registrar of evidence satisfactory to it that the Bond was
destroyed, stolen or lost, and of the ownership thereof, and upon
furnishing to the Registrar of an appropriate bond or indemnity in form,
substance and amount satisfactory to it and as provided by law, in which
both the City and the Registrar must be named as obligees. Bonds so sur-
rendered to the Registrar will be cancelled by the Registrar and evidence
of such cancellation must be given to the City. If the mutilated,
destroyed, stolen or lost Bond has already matured or been called for
redemption in accordance with its terms it is not necessary to issue a new
Bond prior to payment.
2.04. Appointment of Initial Registrar. The City appoints
American National Bank and Trust Company, Saint Paul , Minnesota, as the
initial Registrar. The Mayor and the City Administrator are authorized to
execute and deliver, on behalf of the City, a contract with the Registrar. Upon
merger or consolidation of the Registrar with another corporation, if the
resulting corporation is a bank or trust company authorized by law to conduct
such business, such corporation is authorized to act as successor Registrar.
The City agrees to pay the reasonable and customary charges of the Registrar for
the services performed. The City reserves the right to remove the Registrar
upon 30 days' notice and upon the appointment of a successor Registrar, in which
event the predecessor Registrar must deliver all cash and Bonds in its
possession to the successor Registrar and must deliver the bond register to the
successor Registrar. On or before each principal or interest due date, without
further order of this Council, the Administrator must transmit to the
Registrar moneys sufficient for the payment of all principal and interest then
due.
2.05. Execution, Authentication and Delivery. The Bonds will be prepared
under the direction of the Administrator and executed on behalf of the City by
the signatures of the Mayor and the Administrator, provided that all signatures
may be printed, engraved or lithographed facsimiles of the originals. In case
any officer whose signature or a facsimile of whose signature appears on the
Bonds ceases to be such officer before the delivery of any Bond, such signature
or facsimile will nevertheless be valid and sufficient for all purposes, the
same as if the officer had remained in office until delivery. Notwithstanding
such execution, a Bond will not be valid or obligatory for any purpose or
entitled to any security or benefit under this Resolution unless and until a
certificate of authentication on the Bond has been duly executed by the manual
signature of an authorized representative of the Registrar. Certificates of
authentication on different Bonds need not be signed by the same representative.
The executed certificate of authentication on each Bond is conclusive evidence
that it has been authenticated and delivered under this Resolution. When the
Bonds have been so prepared, executed and authenticated, the Administrator
shall deliver the same to the Purchaser upon payment of the purchase price in
accordance with the contract of sale heretofore made and executed, and the
Purchaser is not obligated to see to the application of the purchase price.
2.06. Temporary Bonds. The City may elect to deliver in lieu of printed
definitive Bonds one or more typewritten temporary Bonds in substantially the
form set forth in Section 3 with such changes as may be necessary to reflect
more than one maturity in a single temporary bond. Upon the execution and
delivery of definitive Bonds the temporary Bonds will be exchanged therefor and
cancelled.
Section 3. Form of Bond.
3.01. The Bonds will be printed in substantially the following form:
[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF MONTICELLO
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1991A
Date of
Rate Maturity Original Issue CUSIP
September 1, 1991
No. $
The City of Monticello, Minnesota, a duly organized and existing municipal
corporation in Wright County, Minnesota (City), acknowledges itself to be
indebted and for value received hereby promises to pay to
or registered assigns, the principal sum of $ on the maturity date
specified above without option of prior payment with interest thereon from the
date hereof at the annual rate specified above, payable February 1 and August 1
in each year, commencing August 1, 1992, to the person in whose name this Bond
is registered at the close of business on the fifteenth day (whether or not a
business day) of the immediately preceding month. The interest hereon and, upon
presentation and surrender hereof, the principal hereof are payable in lawful
money of the United States of America by check or draft by
, Minnesota, as Bond Registrar, Paying
Agent, Transfer Agent and Authenticating Agent, or its designated successor
under the Resolution described herein. For the prompt and full payment of such
principal and interest as the same respectively become due, the full faith and
credit and taxing powers of the City have been and are hereby irrevocably
pledged.
The City Council has designated the Bonds as "qualified tax exempt obliga-
tions" within the meaning of Section 265(b)(3) of the Internal Revenue Code of
1986, as amended (the Code) relating to disallowance of interest expense for
financial institutions and within the $10 million limit allowed by the Code for
the calendar year of issue.
Additional provisions of this Bond are contained on the reverse hereof and
such provisions for all purposes have the same effect as though fully set forth
in this place.
This Bond is not valid or obligatory for any purpose or entitled to any
security or benefit under the Resolution until the Certificate of Authentication
hereon has been executed by the Bond Registrar by manual signature of one of its
authorized representatives.
IN WITNESS WHEREOF, the City of Monticello, Wright County, Minnesota, by
its City Council, has caused this Bond to be executed on its behalf by the
facsimile signatures of the Mayor and City Administrator and has caused this
Bond to be dated as of the date set forth below.
Dated:
(facsimile)
City Administrator
CITY OF MONTICELLO, MINNESOTA
(facsimile)
Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned
within.
By
Authorized Representative
[Reverse of the Bond]
This Bond is one of an issue in the aggregate principal amount of $515,000
all of like original issue date and tenor, except as to number, maturity date,
redemption privilege, and interest rate, all issued pursuant to a resolution
adopted by the City Council on Monday, August 26, 1991 (the Resolution), for the
purpose of providing money to defray the expenses incurred and to be incurred in
making local improvements, pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including Minnesota Statutes,
Chapter 429, and the principal hereof and interest hereon are payable primarily
from special assessments against property specially benefited by local
improvements and-ad----valor-em---taxes, as set forth in the Resolution to which
reference is made for a full statement of rights and powers thereby conferred.
The full faith and credit of the City are irrevocably pledged for payment of
this Bond and the City Council has obligated itself to levy additional ad
valorem taxes on all taxable property in the City in the event of any deficiency
in special assessments and taxes pledged, which taxes may be levied without
limitation as to rate or amount. The Bonds of this series are issued only as
fully registered Bonds in denominations of $5,000 or any integral multiple
thereof of single maturities.
As provided in the Resolution and subject to certain limitations set forth
therein, this Bond is transferable upon the books of the City at the principal
office of the Bond Registrar, by the registered owner hereof in person or by the
owner's attorney duly authorized in writing upon surrender hereof together with
a written instrument of transfer satisfactory to the Bond Registrar, duly
executed by the registered owner or the owner's attorney; and may also be
surrendered in exchange for Bonds of other authorized denominations. Upon such
transfer or exchange the City will cause a new Bond or Bonds to be issued in the
name of the transferee or registered owner, of the same aggregate principal
amount, bearing interest at the same rate and maturing on the same date, subject
to reimbursement for any tax, fee or governmental charge required to be paid
with respect to such transfer or exchange.
The City and the Bond Registrar may deem and treat the person in whose name
this Bond is registered as the absolute owner hereof, whether this Bond is
overdue or.not, for the purpose of receiving payment and for all other purposes,
and neither the City nor the Bond Registrar will be affected by" any notice to
the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of
Miunesota, to be done, to exist, to happen and to be performed preliminary to
and in the issuance of this Bond in order to make it a valid and binding general
obligation of the City in accordance with its terms, have been done, do exist,
have happened and have been performed as so required, and that the issuance of
this Bond does not cause the indebtedness of the City to exceed any constitu-
tional or statutory limitation of indebtedness.
(Form of certificate to be printed on the reverse side of each Bond,
following a full copy of the legal opinion.)
I certify that the above is a full, true and correct copy of the legal
opinion rendered by bond counsel on the issue of Bonds of the City of
Monticello, Minnesota, which includes the within Bond, dated as of the date of
delivery of and payment for the Bonds.
(Facsimile Signature)
City Administrator
The following abbreviations, when used in the inscription on the face of
this Bond, shall be construed as though they were written out in full according
to applicable laws or regulations:
TEN COM -- as tenants UNIF GIFT MIN ACT Custodian
in common (Cust) (Minor)
TEN ENT -- as tenants
by entireties under Uniform Gifts or
Transfers to Minors
JT TEN -- as joint tenants with
right of survivorship and Act . . . . . . . . . . .
not as tenants in common (State)
Additional abbreviations may also be used though not in the above list.
For value received,
unto
thereunder, and does
ASSIGNMENT
the undersigned hereby sells, assigns and transfers
the within Bond and all rights
hereby irrevocably constitute and appoint
attorney to transfer the said Bond on the books kept
for registration of the within Bond, with full power of substitution in the
premises.
Dated:
Notice: The assignor's signature to this assignment must correspond with
the name as it appears upon the face of the within Bond in every
particular, without alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond unless the infor-
mation concerning the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if
this Bond is held by joint account.)
Please insert social security or
other identifying number of assignee
3.02. The City Administrator is directed to obtain a copy of the proposed
approving legal opinion of Holmes & Graven, Chartered, Minneapolis, Minnesota,
which is to be complete except as to dating thereof and to cause the opinion to
be printed on each Bond, together with a certificate to be signed by the
facsimile signature of the Administrator in substantially the form set forth in
the form of Bond. The Administrator is authorized and directed to execute such
certificate in the name of the City upon receipt of such opinion and to file the
opinion in the City offices.
Section 4. Payment: Security: Pledges and Covenants.
4.01. The Bonds are payable from the Improvement Bonds, Series 1991A Debt
Service Fund (Debt Service Fund) hereby created, and the proceeds of general
taxes hereinafter levied (Taxes), and special assessments (Assessments) levied
or to be levied for the improvements (Improvements) financed by the Bonds are
hereby pledged to the Debt Service Fund. If any payment of principal or inter-
est on the Bonds shall become due when there is not sufficient money in the Debt
Service Fund to pay the same, the Administrator is directed to pay such
principal or interest from the general fund of the City, and the general fund
will be reimbursed for such advances out of the proceeds of Assessments and
Taxes when collected. There is appropriated to the Debt Service Fund all
capitalized interest financed from Bond proceeds, if any, any amount over the
minimum purchase price paid by the Purchaser and the accrued interest paid by
the Purchaser upon closing and delivery of the Bonds.
4.02. It is hereby determined that the Improvements to be financed by the
Bonds will directly and indirectly benefit and abutting property, and the City
hereby covenants with the holders from time to time of the Bonds as follows:
(a) The City has caused or will cause the Assessments for the Im-
provements to be promptly levied so that the first installment will be
collectible not later than 1992 and will take all steps necessary to assure
prompt collection, and the levy of the Assessments is hereby authorized.
The City Council will cause all further actions and proceedings relative to
the making and financing of the Improvements financed hereby to be taken
with due diligence that are required for the construction of each Improve-
ment financed wholly or partly from the proceeds of the Bonds, and for the
final and valid levy of the Assessments and the appropriation of any other
funds needed to pay the Bonds and interest thereon when due.
(b) In the event of any current or anticipated deficiency in Assess-
ments and Taxes, the City Council will levy additional ad valorem taxes in
the amount of the current or anticipated deficiency.
(c) The City will keep complete and accurate books and records
showing: receipts and disbursements in connection with the Improvements,
Assessments and Taxes levied therefor and other funds appropriated for
their payment, collections thereof and disbursements therefrom, moneys on
hand and, the balance of unpaid Assessments.
(d) The City will cause its books and records to be audited at least
annually and will furnish copies of such audit reports to any interested
person upon request.
4.03. It is determined that at least 20% of the cost of the Improvements
will be specially assessed against benefitted properties. For the purpose of
paying the principal of and interest on the Bonds, there is levied a direct
annual irrepealable ad valorem tax (Taxes) upon all of the taxable property in
the City, which shall be spread upon the tax rolls and collected with and as
part of other general taxes of the City. The taxes will be credited to the Debt
Service Fund above provided and will be in the years and amounts as follows
(year stated being year of levy for collection the following year):
Year Levy
1991
$27097
1992
583
1993
1,875
1994
2,971
1995
3,907
1996
-0-
1997
-0-
4.04. It is hereby determined that the estimated collections of Assess-
ments and foregoing Taxes will produce at least five percent in excess of the
amount needed to meet when due the principal and interest payments on the Bonds.
The tax levy herein provided is irrepealable until all of the Bonds are paid,
provided that the City Administrator may annually, at the time the City makes
its tax levies, certify to the County Auditor the amount available in the Debt
Service Fund to pay principal and interest due during the ensuing year, and the
County Auditor will thereupon reduce the levy collectible during such year by
the amount so certified.
4.05. The City Administrator is authorized and directed to file a certi-
fied copy of this resolution with the County Auditor of Wright County and to
obtain the certificate required by Minnesota Statutes, Section 475.63.
Section 5. Authentication of Transcript.
5.01. The officers of the City are authorized and directed to prepare and
furnish to the Purchaser and to the attorneys approving the Bonds, certified
copies of proceedings and records of the City relating to the Bonds and to the
financial condition and affairs of the City, and such other certificates,
affidavits and transcripts as may be required to show the facts within their
knowledge or as shown by the books and records in their custody and under their
control, relating to the validity and marketability of the Bonds and such
instruments, including any heretofore furnished, may be deemed representations
of the City as to the facts stated therein.
5.02. The Mayor and City Administrator are authorized and directed to
certify that they have examined the Official Statement prepared and circulated
in connection with the issuance and sale of the Bonds and that to the best of
their knowledge and belief the Official Statement is a complete and accurate
representation of the facts and representations made therein as of the date of
the Official Statement.
Section 6. Tax Covenant.
6.01. The City covenants and agrees with the holders from time to time of
the Bonds that it will not take or permit to be taken by any of its officers,
employees or agents any action which would cause the interest on the Bonds to
become subject to taxation under the Internal Revenue Code of 1986, as amended
(the Code), and the Treasury Regulations promulgated thereunder, in effect at
the time of such actions, and that it will take or cause its officers, employees
or agents to take, all affirmative action within its power that may be necessary
to ensure that such interest will not become subject to taxation under the Code
and applicable Treasury Regulations, as presently existing or as hereafter
amended and made applicable to the Bonds.
6.02. (a) The City will comply with requirements necessary under the Code
to establish and maintain the exclusion from gross income of the interest on the
Bonds under Section 103 of the Code, including without limitation requirements
relating to temporary periods for investments, limitations on amounts invested
at a yield greater than the yield on the Bonds, and the rebate of excess invest-
ment earnings to the United States if the Bonds (together with other obligations
reasonably expected to be issued in calendar year 1991) exceed the small -issuer
exception amount of $5,000,000.
(b) For purposes of qualifying for the small issuer exception to the
federal arbitrage rebate requirements, the City finds, determines and declares
that the aggregate face amount of all tax-exempt bonds (other than private
activity bonds) issued by the City (and all subordinate entities of the City)
during the calendar year in which the Bonds are issued and outstanding at one
time is not reasonably expected to exceed $5,000,000, within the meaning of
Section 148(f) (4) (C) of the Code.
6.03. The City further covenants not to use the proceeds of the Bonds or
to cause or permit them or any of them to be used, in such a manner as to cause
the Bonds to be "private activity bonds" within the meaning of Sections 103 and
141 through 150 of the Code.
6.04. In order to qualify the Bonds as "qualified tax-exempt obligations"
within the meaning of Section 265(b)(3) of the Code, the City makes the
following factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section
141 of the Code;
(b) the City hereby designates the Bonds as "qualified tax-exempt
obligations" for purposes of Section 265 (b) (3) of the Code;
(c) the reasonably anticipated amount of tax-exempt obligations
(other than private activity bonds, treating qualified 501 (c) (3) bonds as
not being private activity bonds) which will be issued by the City (and all
subordinate entities of the City) during calendar year 1991 will not exceed
$10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 1991 have been designated for purposes of Section
265 (b) (3 ) of the Code.
6.05. The City will use its best efforts to comply with any federal
procedural requirements which may apply in order to effectuate the designations
made by this section.
The motion for the adoption of the foregoing resolution was duly seconded
by Member Herbst , and upon vote being taken thereon, the
following voted in favor thereof: Shirley Anderson, Daniel Blonigen, Clint Herbst
and Mayor Kenneth Maus
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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, Wright County, Minnesota, do hereby certify that I have
carefully compared the attached and foregoing extract of minutes of a regular
meeting of the City Council of the City held on Monday, August 26, 1991, with
the original minutes on file in my off ice and the extract is a full, true and
correct copy of the minutes insofar as they relate to the issuance and sale of
$515,000 General Obligation Improvement Bonds, Series 1991A of the City.
WITNESS My hand officially as such Administrator and the corporate seal of
August
the City this 26th day of X��� 1991.
City Administror
Monticello, Mi nesota
(SEAL)
M2:MN190-35.RAW
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, August 26, 1991, commencing at 7:00 P.M.
The following members were present: Shirley Anderson, Daniel Blonigen,
Clint Herbst and Mayor Kenneth Maus
and the following were absent: Brad Fyle
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 $515,000 General
Obligation Improvement Bonds, Series 1991A, as advertised for sale. The City
Administrator presented affidavits showing publication of the notice of sale in
the City's official newspaper and in Northwestern Financial Review, a financial
paper published in Minneapolis, Minnesota, which affidavits were examined and
found satisfactory and ordered placed on file.
The City Administrator presented a tabulation of the bids which had been
received in the manner specified in the Official Terms of Offering of the Bonds.
The bids were as follows:
SEE ATTACHED
16655 West Bluemound Road
Suite 290
Brookfield, WI 53005-5935
(414) 782-8222
Fax: (414) 782-2904
2739 Second Avenue S.E.
Cedar Rapids, IA 52403-1434
(319) 363-2221
Fax: (319) 363-6999
SPRINGSTED
PUBLIC FINANCE ADVISORS
85 East Seventh Place
Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
6800 College Boulevard
Suite 600
Overland Park, KS 6621 1-1 533
(913) 345-8062
Fax: (913) 345-1770
222 South Ninth Street
Suite 2825
Minneapolis, MN 55402-3368
(612) 333-2363
$515,000
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991 A
AWARD: DAIN BOSWORTH INCORPORATED
SALE: August 26, 1991 Moody's Rating: A
Interest
Net Interest
Bidder Rates
Price Cost & Rate
5.25%
1995
DAIN BOSWORTH INCORPORATED 4.85% 1993
$511,051.05 $128,822.28
5.00% 1994
(5.7264%)
5.25% 1995
1998
5.45% 1996
1999
5.65% 1997
5.70%
5.75% 1998
5.85% 1999
1999
NORWEST INVESTMENT SERVICES, 4.90%
1993 $510,880.00 $129,268.54
INCORPORATED 5.00%
1994 (5.7463%)
5.25%
1995
5.50%
1996
5.60%
1997
5.75%
1998
5.90%
1999
FBS INVESTMENT SERVICES, INC. 4.80%
1993 $510,622.50 $129,419.79
5.00%
1994 (5.7530%)
5.25%
1995
5.50%
1996
5.60%
1997
5.75%
1998
5.90%
1999
PARK INVESTMENT CORPORATION 4.80%
1993
$508,820.00 $1291816.04
5.00%
1994
(5.7706%)
5.20%
1995
5.40%
1996
5.55%
1997
5.70%
1998
5.80%
1999
(Continued)
Interest Net Interest
Bidder Rates Price Cost & Rate
CRONIN & COMPANY, INCORPORATED 5.00% 1993-1994 $510,004.50 $130,275.08
5.20% 1995 (5.7910%)
PIPER, JAFFRAY & HOPWOOD
INCORPORATED
Juran & Moody, Incorporated
MOORE, JURAN AND COMPANY,
INCORPORATED
AMERICAN NATIONAL BANK SAINT PAUL
5.40%
5.60%
5.80%
5.95%
4.90%
5.10%
5.30%
5.50%
5.60%
5.75%
5.90%
5.00%
5.10%
5.25%
5.50%
5.70%
5.75%
5.80%
4.90%
5.00%
5.25%
5.50%
6.65%
5.80%
5.90%
1996
1997
1998
1999
1993
1994
1995
1996
1997
1998
1999
1993
1994
1995
1996
1997
1998
1999
1993
1994
1995
1996
1997
1998
1999
$509,850.00
$509,592.50
$508,563.00
$130,607.92
(5.8058°/x)
$130,730.62
(5.8113%)
$132,013.26
(5.8683%)
ROBERT W. BAIRD & COMPANY, 5.00%
1993 $509,463.75 $1351724.17
INCORPORATED 5.25%
1994 (6.0333%)
5.50%
1995
5.70%
1996
5.85%
1997
6.00%
1998
6.10%
----------------------------------------------------------------------------------------------------------------------------------------------------------------
1999
These Bonds are not being reoffered.
BBI: 6.86
Average Maturity: 4.37 Years