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City Council Resolution 1990-35 CITY OF MONTICELLO, MINNESOTA RESOLUTION NUMBER 90-35 RESOLUTION AUTHORIZING ISSUANCE AND PROVIDING FOR THE PUBLIC SALE OF $250, o0o GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1990C BE IT RESOLVED by the City Council ("this Council") of the City of Monticello, Minnesota (the "City"), as follows: 1. Bond Purpose and Authorization of Sale. a. Pursuant to the provisions of Minnesota Statutes, Chapters 429, 444 and 475, the City is authorized to issue bonds in such amount as it deems necessary to defray the costs of making certain local improvements, and undertaking certain waterwork, sewer, drain and storm sewer improvements, part of the cost of which is specially assessed against benefited property. The City has ordered the local improvements and sewer, drain and storm sewer improvements set forth below (the "Improvements") in strict conformance with the procedures set forth in Minnesota Statutes, Chapters 429 and 444. Improvements Protect No. County Road 36/Gillard Avenue 90-04 b. It is hereby found, determined and declared that the City should issue and the City hereby authorizes and directs the issuance and sale of the $250,000 General Obligation Improvement Bonds, Series 1990C (the "Bonds") to provide funds to defray the costs of construction of the Improvements. 2. Sale. The Bonds shall be offered for sale under a Notice of Bond Sale in the form attached hereto as Exhibit A (the "Notice of Bond Sale"). This Council shall meet at the time and place specified in the form of Notice of Bond Sale for the purpose of opening and considering sealed bids for, and awarding the sale of the Bonds. The Bonds shall mature on February 1 in the years and amounts as follows: yem. Amount 1993 $20,000 1994 20,000 1995 20,000 1996 25,000 1997 25,000 1998 .25,000 1999 25,000 2000 30,000 2001 30,000 2002 30,000 3. Notice of Bond Sale. The City Administrator of the City is directed to cause notice of advertisement for sealed bids for the purchase of the Bonds to be published in the official newspaper of the City, in Northwestern Financial Review and any other publication at the option of the City Administrator, in substantially the form of the Notice of Bond Sale, no fewer than ten days before the date of the Council meeting referred to above. Each and all of the terms and provisions set forth in the Notice of Bond Sale are adopted and confirmed as the terms and conditions of the Bonds and the sale thereof. 4. Terms and Conditions of Bond Sale. The terms and conditions of sale in substantially the form set forth in the Official Terms of Bond Sale attached hereto as Exhibit B and incorporated herein by reference, shall constitute the terms and conditions for the sale of the Bonds, and this Council hereby authorizes the incorporation of such terms and conditions in the material to be distributed to prospective bidders for the Bonds. Adopted this 17th day of September, 1990. Attest: Mayor C' Administrator 2 EXHIBIT A OFFICIAL NOTICE OF SALE City of Monticello, Minnesota $ 2 5 0, o 0 o General Obligation Improvement Bonds Series 1990C NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $250,000 General Obligation Improvement Bonds, Series 1990C (hereinafter referred to as the "Improvement Bonds") of the City of Monticello, Minnesota (the "City") will be received until 11:00 a.m., Central Time, on the 15th day of October, 1990, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, at which time any bids received will be opened and tabulated. Bids of not less than $246,875 plus accrued interest on the total principal amount of the Improvement Bonds will be received for the Improvement Bonds. The bids will be considered and acted upon by the City Council of the City at a meeting of the Council at 7:00 p.m., Central Time on October 15, 1990. The Improvement Bonds will be issued as fully registered bonds in denominations of $5,000, or any authorized integral multiple thereof, will be dated November 1, 1990 and will mature serially on February 1 in the following years and amounts: Year Amount 1993 $20,000 1994 20,000 1995 20,000 1996 25,000 1997 25,000 1998 25,000 1999 25,000 2000 30,000 2001 30,000 2002 30,000 Interest will be payable on August 1, 1991, and semiannually on each February 1 and August 1 thereafter. Improvement Bonds maturing on or after February 1, 1999 shall be subject to redemption and prepayment on February 1, 1998 aj~ci any date thereafter at a price equal to par plus accrued interest. The Improvement Bonds will be designated by the Tssuer as qualified tax exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. An approving legal opinion for the Improvement Bonds will be furnished by Holmes ac Graven, Chartered, of Minneapolis, Minnesota. Copies of the detailed Official Terms of Bond Sale and additional information for the Improvement Bonds may be obtained from the undersigned or from the financial consultants of the city: A-1 SPRINGSTED Incorporated 85 East Seventh Place Suite 100 Saint Paul, Minnesota 55101-2143 Telephone: (612) 223-3000 Dated: SDate of Publication) BY ORDER OF THE CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA By City Administrator A-2 EXHIBIT B OFFICIAL TERMS OF OFFERING ;250,000 CITY OF MONTICELLO, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1990C Sealed bids for the Bonds will be received by the City Administrator or his designee on Monday, October 15, 1990, until 11:00 A.M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated November 1, 1990, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1991. Interest will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1993 $20,000 1997 $25,000 2000 $30,000 1994 $20,000 1998 $25,000 2001 $30,000 1995 $20,000 1999 $25,000 2002 $30,000 1996 $25,000 OPTIONAL REDEMPTION The City may elect on February 1, 1998, and on any day thereafter, to prepay Bonds due on or after February 1, 1999. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments against benefited property. The proceeds will be used to finance various improvements in the City. TYPE OF BID Bids shall be for not less than $246,875 and accrued interest on the total principal amount of the Bonds, and shall be accompanied by a certified or cashier's check in the amount of $2,500, payable to the order of the City. No bid will be considered for which said check has not been received. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1 /8 of 1 %. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional bid will be accepted. AWARD The Bonds will be awarded to the bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, 'rf any, from, or the addition of any amount less than par, to the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City wilt reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION ff the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that,rf the City has requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS ff the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Holmes & Graven, Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reasons of the purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official Statement and the Official Bid Form or for any additional information prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the City agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of the Official Statement and the addendum or addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual relationship with all Participating Undervvriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. Dated September 17, 1990 BY ORDER OF THE CITY COUNCIL /s/ Rick Wolfsteller Administrator CERTIFICATE OP MINUTES City: Monticello County: Wright State: Minnesota Governing Body: City Council Meeting: A meeting of the City Council (the "Council") of the City of Monticello, Minnesota (the "City") held on the 18th day of September, 1990 at 7:00 a.m., which was a continuation of a meeting held on the 17th day of September, 1990, at the Council Chambers, 250 Broadway, Monticello, Minnesota. Council Members Present: Mayor Kenneth Maus, Daniel Blonigen, Frances Fair and Warren Smith Council Members Absent: Shirley Anderson Documents: A copy of the Resolution Authorizing Issuance and Providing for the Public Sale of X250,000 General Obligation Improvement Bonds, Series 1990C Certification: I, the City Administrator of the City do hereby certify the following: Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City, which resolution was adopted by the Council at the meeting referred to above. Said meeting was a regular meeting of the Council, was open to the public, and was held at the place at which meetings of the Council are regularly held. Council member Fair moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Council member Blonigen A vote being taken on the motion, the following voted in favor of the resolution: Maus, Blonigen, Fair and Smith and the following voted against the resolution: None Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the Council which would in any way alter or amend the attached resolution. Witness my hand officially as the acting City Administrator of the City, this ~~ day of September, 1990. Cit Administrator