City Council Resolution 1988-15
CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 88-15
BEING A RESOLUTION AUTHORIZING AND AWARDING THE
SALE OF, AND PROVIDING THE FORM, TERMS,
COVENANTS AND DIRECTIONS FOR ;1,625,000
GENERAL OBLIGSERIESI gggAyEMENT BONDS,
BE IT RESOLVEDMINNE OTAI(THE'"OISSUER")(AS FOL OWS:IL") OF THE
CITY OF MONTICELLO,
Section 1. Re=
1.01 On April 25, 1988, the Council of the Issuer passed a Resolution
authorizing the issuance and public sale of its $1,625,000 General Obligation
Improvement Bonds, Series 1988A (the "Bonds"), authorizing publication oY the
Official Notice of Sale, and soliciting bids for the purchase of the Bonds.
1.02 The Bonds are being issued pursuant to Minnesothe tcosts sof certain
429 and 475, for the purpose of providing funds to pay
improvements (the "Improvements") undertaken by the Issuer pursuant to Minnesota
Statutes, Chapter 429. In compliance with Minnesota Statutes, Section 475.58, the
estimated collection of spe Im rovements for whichethe Bonds arer soldty is not less
than 2096 of the cost of the p
Section 2. Award of Sale• Terms of Bonds.
2.01 Affidavits showing publication of nostchavecbeen examinedhandf have
newspaper of the Issuer and in Commercial We
been approved and ordered placed on file. The following bids for the sale of the
Bonds were received:
[See attached]
2.02 After considering the bids received, the Issuer hereby awards the (the
of the Bonds to Cla ton Brown & Associates Inc.
"Purchaser") as the bidder offering the lowest net interest cost by its bid to
purchase the Bonds at a price of $1,600,690.24 plus accrued interest to the date of
delivery, the Bonds to bear interest at the rates per annum as follows:
Interest Year of Interest
Year of
R- Maturit
-~ Rate
Maturit --
75 %
6 1998 7.00 `~
1990 . 1999 7.10
1991 6.75 2000 7.20
1992 6.75 2001 7.25
1993 6.75 2002 7.25
1994 6.75 2003 7.25
1995 6.75 2004 7.25
1996 6.75
1997 6.90
2.03 The Issuer shall issue the Bonds in the aggregate principal amount of
$1,625,00° dated June 1, 1988 as fully registered lboeds~ lmultiple thereof not
Bonds shall be in denominations of $5,000 or any gr
exceeding the principal amount of a slnbearninterest~ at ~he rates set forth above,
upwards in order of issuance, and shal 1 and August
payable August 1, 1989 and semiinn the years andeamounts as follows:
1, and shall mature on February
t
Amount Y_ Amoun
Year 1998 $110,000
1990 $ 25,000 1999 120,000
1991 85,000 2000 125,000
1992 90,000 2001 130,000
1993 90,000 2002 140,000
1994 95,000 2003 145,000
1995 100,000 2004 155,000
1996 105,000
1997 110,000
2.04 All Bonds maturing on or after February 1, 1997, shall be subject to
redemption and prior payment in whole or in part in inverse orde iof1996,uand any
by lot within maturity at the option °f r ce of par plus accrued interest. Thirty
interest payment date thereafter at a p ven by first-class mail to the Registrar
days' prior notice of redemption shall be gi
and to the registered owners of the Bled 475nMinnesota StatutesptUpon noltice
published in the manner provided by Chap
having been so given, the Bonds or portiste and pricetwethlaccrued1enterest tothe
and payable at the stated redemption d ment being held by or on behalf of the
redemption date, and upon funds for such pay tton date, interest thereon shall
Registrar for such payment on the specified redemp
cease to accrue after such redemption date. for redempt ontof any Bondnotice of
redemption shall affect the validity of the call
2.05 The Bonds shall be payable as to principal upon presentation at the
istrax~') , pr at
"-"-" hereafter designate
main office of American National Ba 1st ar as the Issuer tray the Reg nd shall
the office of such other successor reg rior to
upon 60 days mailed notice to the r R s istrar mailed thetlast bus Hess dayoP as
be payable by check or draft of the g whether or
the interest payment date to the registered holder thereof at his or her address
it appears on the bond register at the ~ontl°nextlprecedingethethnterest payment
not a business day) of the calendar
date.
2
Section 3. Form and Execution of the Bonds. with the
3.01 The Bonds shall be in substantially the following form,
cessa variations as to number, CUSIP Number, rate of interest and date of
ne j'y ro erl filled in:
maturity, the blanks to be p p Y
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF MONTICELLO
No. R-~-
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1988A USIP
Nominal Date of Original Issue C -
Rate Maturit
June 1, 1988
Minnesota (the "City"), for value received, hereby
The City of Monticello, romises to pay to
certifies that it is indebted and hereby or registered assigns, the principal sum of
Dollars (; ) on the maturity
to the
date specified above, upon the presentation and ne paa sumeratf'thedinterest rate
registered owner hereof interest on such p ' meet date to
specified above from June 1, 1988, °rov ded for as specifiedrbelowa on February 1
which interest has been paid or duly p st 1, 1989, until said principal sum is
and August 1 of each year, commencing Augu
Principal and the redemption price are payable in lawful moneyas t~eg ~~ad
paid '
States of America at ,Minnesota, or at the
Transfer Agent and Paying Agent, in ate upon 60 days notice to
offices of such successor agent as the City may design stray"). Interest shall
the registered owners at their registered addcheck or drafRt of the Registrar mailed
be paid on each February 1 and August 1 by
rior to the interest payment date to the person in whose
the last business day p
me this Bond is registered at the close of at hiseor her addresseset forth on the
na unctually paid
and July 15 (whether or not a business day
bond register maintained by the Registrar. Any such interest not p
ovided for will be paid to the person in w established by h enRegistgar fort he
or pr
the cent of such de aulted gnterest ecord a e
paYm
The Bonds of this series maturing on or after February 1, 1997, are subject
m tion at the option of the City, in whole or in part in inverse °,nterest
to rede p 1, 1996 and any
maturity and by lot within a maturity, on February
ment date thereafter at a price equal to par acnd accrued interest. Thirty days
- lass mail-to the Registrar and to
pay tion will be given by f ublished in the manner
prior notice of redemp
the registered owners, and notice of redemption will be p
b Minnesota Statutes, Chapter 475. N gonsect in mailed notice will
provided y
affect the validity of the call for redemption of any a ate principal amount of
This Bond is one of a series of Bonds in the aggr g
Million Six Hundred Twenty-Five Thousand Dollars (;1,625,000) of like date
One
3
and tenor except for numbe issuedrfor theepurpose of providing funds to rpay the
redemption privilege, and is
costs of certain improv the Cit p Council of the City oon 1 Mayr 23,1u1988, (and
.p
Resolution) adopted by Y
ursuant to and in fullinnesot St tutes, Chapters475tand 429• laws of the State o
Minnesota, including M
The Bonds of this series are payable from the General Obligation
Improvement Bonds, Series 1988A Fund of the City (the "Bond Fund"). All taxable
property within the City is subject to the levy of direct general ad valorem taxes
required by law to be levied and extended if needed for this purpose, without
limitation of rate or amount. The issuance of this Bond does not 1 mstat on
indebtedness of the City to exceed any constitutional or statutory
thereon.
The City has designated t265Hof dthes Int)ernali Reve ue xCode of 1 986onag
within the meaning of Section
amended.
As provided in the Resolution, and subject to certain limitations set forth
therein, this Hond is transferable upon the ~e registered owner hereofthn personoor
at the principal office of the Registrar, by n surrender of this Bond
by such owner's attorney duly authorized in writing, upo
together with a written instrument of transfer satisfactory to the Registrar, duly
executed by the registered ent of an s tax,ofee or governmentalechargerrequiredp to
such transfer and the paym Y
be paid by the City or the Rnsferee a new Bond or Honds of theesameeaggregate
issued in the name of the tra
principal amount as the surrendered Bond.
The Bonds of this series are issuable only as fully registered bonds without
coupons in denominations of tSinOan rove year grAs providedtinethef Resolution and
the principal amount maturing Y
subject to certain limitatio a ate Terineipal f amount of Honds of this series ofra
exchangeable for a like aggr g p
different authorized denominate der thereof tothe Registgartered owner or his duly
authorized attorney, upon surren
It is hereby Certified and Recited that all acts, conditions and things
required by the Constitutio rformedNin order to make t islBondoa validband binding
exist, to happen and to be pe
general obligation of the City a ergo med intduee formh timeeanddmanner asl so
have happened and have bee p
required.
This Bond shall not be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been manually signed by a person
authorized to sign on behalf of the Registrar.
IN WITNESS WHEREOF, The Ces mile sggnatures~ of e3tsa Mayor uand this
Bond to be executed with the fa
Administrator, both as of the Nominal Date of Original Issue specified above.
4
Dated:
THE CITY OF MONTICELLO, MINNESOTA
By ~~-.-Q
Facsimile
~- Mayor
(Facsimile)
~- Administrator
Certificate of Authentication
This is one of the Bonds described in the within mentioned Resolution.
Bond Registrar
By
Authorized Signature
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
(Please Print or Typewrite Name and Address of Transferee.
Include information for all joint owners if the Bond is held by joint account.)
the within Bond and all rights thereunder, and hereby irrevocably constitutes and
appoints attorney to transfer the within Bond on
the books kept for registration thereof, with full power of substitution in the
premises.
Dated:
Signature Guaranteed by:
Signature(s) must be guaranteed by a Notice: The signature(s) on this
commercial bank or trust company or assignment must correspond with the
by a brokerage firm having name(s) appearing on the face of this
membership in one oP the major stock Bond in every particular, without
exchanges. alteration or any change whatever.
Please Insert Social Security Number
or Other Identifying Number of
Assignee
(Form of Certificate)
CERTIFICATE AS TO LEGAL OPINION
I, Rick Wolfsteller, Administrator of Monticello, Minnesota, hereby certify
that except for the date line, the above is a full, true and compared copy of the
legal opinion of Holmes do Graven, Chartered, of Minneapolis, Minnesota, which
was delivered to me upon delivery of the bonds and is now on file in my office.
(Facsimile)
Administrator
3.02 As long as any of the Bonds issued hereunder shall remain
outstanding, the Issuer shall cause to be kept at the principal office oY the
Registrar the Register in which, subject to such reasonable regulations as the
Registrar may prescribe, the Registrar shall provide for fhe registration of Bonds
and the registration of transfers of Bonds. American National Bank and Trust Company
is hereby appointed Registrar, Transfer Agent and Paying Agent with respect to
the Bonds.
Upon surrender for transfer of any Bond with a written instrument of
transfer satisfactory to the Registrar, duly executed by the registered owner or his
duly authorized attorney, and upon payment of any tax, fee or other governmental
charge required to be paid with respect to such transfer, the Issuer shall execute
and the Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more fully registered Bonds of any authorized
denominations and of a like aggregate principal amount, interest rate and maturity.
Any Bonds, upon surrender thereof at the office of the Registrar may, at the option
of the registered owner thereof, be exchanged for an equal aggregate principal
amount of Bonds of the same maturity and interest rate of any authorized
denominations. In all cases in which the privilege of exchanging or transferring
fully registered Bonds is exercised, the Issuer shall execute and the Registrar shall
deliver Bonds in accordance with the provisions of this Resolution. For every such
exchange or transfer of Bonds, whether temporary or definitive, the Issuer or the
bond Registrar may make a charge sufficient to reimburse it for any tax, fee or
other governmental charge required to be paid with respect to such exchange or
transfer, which sum or sums shall be paid by the person requesting such exchange
or transfer as a condition precedent to the exercise of the privilege of making such
exchange or transfer. Notwithstanding any other provision of this Resolution, the
cost of preparing each new Bond upon each exchange or transfer, and any other
expenses of the Issuer or the Bond Registrar incurred in connection therewith
(except any applicable tax, fee or other governmental charge) shall be paid by the
Issuer. The Issuer shall not be obligated to make any such exchange or transfer of
Bonds during the fifteen (15) days next preceding the date of the first publication
of notice of redemption in the case of a proposed redemption of Bonds. The Issuer
and the Registrar shall not be required to make any transfer or exchange of any
Bonds called for redemption.
3.03 Interest on any Bond which is payable, and is punctually paid or duly
provided for, on any interest payment date shall be paid to the person in whose
name that Bond (or one or more Bonds for which such Bond was exchanged) is
registered at the close oP business on the preceding January 15 and July 15, as the
case may be. Any interest on any Bond which is payable, but is not punctually paid
or duly provided for, on any interest payment date shall forthwith cease to be
payable to the registered holder on the relevant regular record date solely by
virtue of such holder having been such holder; and such defaulted interest may be
paid by the Issuer to the person in whose name such Bond is registered at the close
of business on a special record date established by the Registrar for the payment of
such defaulted interest. Subject to the Foregoing provisions of this paragraph, each
Bond delivered under this Resolution upon transfer of or in exchange for or in lieu
of any other Bond shall carry all the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Bond and each such Bond shall bear
interest Prom such date that neither gain nor loss in interest shall result from such
transfer, exchange or substitution.
3.04 As to any Bond, the Issuer and the Registrar and their respective
successors, each in its discretion, may deem and treat the person in whose name
the same for the time being shall be registered as the absolute owner thereof for
all purposes and neither the Issuer nor the Registrar nor their respective successors
shall be affected by any notice to the contrary. Payment of or on account of the
principal of any such Bond shall be made only to or upon the order of the registered
owner thereof, but such registration may be changed as above provided. All such
payments shall be valid and effectual to satisfy and discharge the liability upon
such Bond to the extent of the sum or sums so paid.
3.05 if (i) any mutilated Bond is surrendered to the .Registrar, and the
Issuer and the Registrar receive evidence to their satisfaction of the destruction,
loss, or theft of any Bond, and (ii) there is delivered to the Issuer and the Registrar
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Issuer or the Registrar that such
Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon
its request the Registrar shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of like tenor and
principal amount, bearing a number not contemporaneously outstanding. In case
any such mutilated, destroyed, lost, or stolen Bond has become or is about to
become due and payable, the Issuer in its discretion may, instead of issuing a new
Bond, pay such Bond.
Upon the issuance of any new Bond under this subsection, the Issuer may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto. Every new Bond issued pursuant to
this subsection in lieu of any destroyed, lost, or stolen Bond shall constitute an
original additional contractual obligation of the Issuer, whether or not the
destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Resolution equally and proportionately
with any and all other Bonds duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost, or stolen Bonds.
Section 4. Execution and Delivery
4.01 The Bonds shall be executed by the respective facsimile signatures of
Mayor and the Administrator as set forth in the form of Bond. The seal of the
Issuer shall be omitted from the Bonds as permitted by law. The text of the
approving legal opinion of Holmes do Graven, Chartered, of Minneapolis, Minnesota,
as bond counsel, shall be printed on the reverse side of each Bond and shall be
certified by the facsimile signature of the .Administrator. When said Bonds shall
have been duly executed and authenticated by the Registrar in accordance with
this resolution, the same shall be delivered to the Purchaser upon payment of the
purchase price, and the receipt of the Administrator delivered to the Purchaser
thereof shall be a full acquittance; and the Purchaser shall not be bound to see to
the application of the purchase money. The Bonds shall not be valid for any
purpose until authenticated by the Registrar.
4.02 The Official Statement relating to the Bonds, on file with the
Administrator presented to this meeting, is hereby approved, and the furnishing
thereof to prospective bidders for the Bonds is hereby ratified and confirmed,
insofar as the same relates to the Bonds and the sale thereof.
4.03 If such officers find the same to be accurate, the Mayor and the
Administrator are authorized and directed to furnish to the Purchaser at the
closing a certificate that, to the best of the knowledge of such officers, the
Official Statement does not, at the date of closing, and did not, at the time of sale
of the Bonds, contain any untrue statement of a material fact or omit to state any
material Pact necessary in order to make the statements made therein, in the light
of the circumstances under which they were made, not misleading. Unless
S
litigation shall have been commenced and be pending questioning the Bonds,
revenues pledged for payments of the bonds, or the organization of the Issuer or
incumbency of its officers, at the closing, the Mayor and the Administrator shall
execute and deliver to the successful bidder a suitable certificate as to absence of
material litigation, and a certificate as to payment for and delivery of the Bonds,
together with the arbitrage certificate referred to below and the signed approving
legal opinion of Holmes do Graven, Chartered, as to the validity and enforceability
of the Bonds and the exemption of interest thereon from federal and Minnesota
income taxation (other than Minnesota corporate and financial institution franchise
taxes measured by net income) under present laws and rulings.
Section 5. Bond Fund and Accounts, Appropriations, Pledge.
5.01 There is hereby created a special fund of the Issuer designated
"General Obligation Improvement Bonds, Series 1988A Fund" (the "Bond Fund") held
and administered by the Administrator separate and apart from all other funds of
the Issuer. The Bond Fund shall be maintained in the manner specified until all of
the Bonds herein authorized, any refunding bonds issued to refund the Bonds, and
any other general obligation bonds hereafter issued and made payable from the
Bond Fund, and the interest thereon, have been fully paid. In the Bond Fund there
shall be maintained two separate accounts, to be designated as the "Capital
Account" and the "Debt Service Account," respectively.
Capital Account. The proceeds from the sale of the Bonds, plus any special
assessments levied with respect to the Improvements and collected prior to
completion of the Improvements and payment of the costs thereof, less the amount
of the proceeds of the Bonds deposited in the Debt Service Account, and less any
accrued interest received thereon, shall be credited to the Capital Account, from
which there shall be paid all costs and expenses of the Improvements, including the
cost of any construction contracts heretofore let and all other costs incurred and
to be incurred, of the kind authorized in Minnesota Statutes, Sections 475.65. A
separate subaccount shall be maintained in the Capital Account to record
expenditures for each Improvement.
Debt Service Account. There is hereby pledged and there shall be credited
to the Debt Service Account (a) all unused discount and accrued interest received
upon delivery of and payment for the Bonds, (b) collections of special assessments
levied with respect to the Improvements pledged to the payment of princpal and
interest on the Bonds and received after completion of construction of the
Improvements, and collections of general ad valorem taxes levied for the payment
of the Bonds, and (e) all funds remaining in the Capital Account after completion
of the Improvements and payment of the costs thereof. The Debt Service Account
herein created shall be used solely to pay principal of, premium, if any, and
interest on the Bonds and any other general obligation bonds hereafter issued and
made payable from said Debt Service Account as provided by law, except that upon
discharge of the Bonds and any additional bonds made payable from the Debt
Service Account, the Issuer may use any remaining funds in accordance with
Minnesota Statutes, Section 429.091, subdivision 4.
5.02 To provide moneys for the payment of principal and interest on the
Bonds there is hereby levied upon all of the taxable property in the Issuer a direct
annual ad valorem tax which shall be spread upon the tax rolls and collected with
and as part of, other general property taxes in said Issuer for the years and in the
amounts as follows:
9
Le Collection Year Amount Levied
[See Attached]
Said tax levies are such that if collected in full, they together with collections of
the special assessments levied with respect to the Improvements will produce at
least five percent (5%) in excess of the amount needed to meet when due the
principal and interest payments on the Bonds (except for any interest payable from
funds which shall be on hand and irrevocably deposited to the Debt Service Account
as of the date of delivery of and payment for the Bonds). Said tax levies shall be
irrevocable so long as any of the Bonds are outstanding and unpaid, provided that
the Issuer reserves the right and power to reduce the levies in the manner and to
the extent permitted by Minnesota Statutes, Section 475.61, subdivision 3. The full
faith and credit and taxing powers of the Issuer are hereby irrevocably pledged for
the prompt and full payment of the principal of and interest on the Bonds and such
other general obligation indebtedness as may be made payable from the Bond Fund,
as such principal and interest respectively become due.
5.03 The Administrator is directed to keep on file in his office a
tabulation of the dates and amounts of the principal and interest payments to
become due and amounts of the principal and interest payments to become due on
bonds payable from the Bond Fund, and of the balance required in the Bond Fund on
October 1 in each year in order to cancel the taxes levied pursuant to this
Resolution for collection the following year.
Section 6. Miscellaneous.
6.01 The Issuer covenants and agrees with the Purchaser and holders of
the Bonds that the investments of proceeds of the Bonds, including the investment
of any revenues pledged to the Bonds which are considered proceeds under the
applicable regulations, and accumulated sinking funds, if any, shall be limited as to
amount and yield in such manner that the Bonds shall not be arbitrage bonds within
the meaning of Section 148 of the Internal Revenue Code of 1986, ss amended (the
"Code"), and regulations thereunder. On the basis of the existing facts, estimates
and circumstances, including the foregoing findings and covenants, the Issuer
hereby certifies that it is not expected that the proceeds of the Bonds will be used
in such manner as to cause the Bonds to be arbitrage bonds under Section 148 of
the Code and any regulations thereunder. The Mayor and Administrator shall
furnish an arbitrage certificate to the Purchaser embracing or based on the
foregoing certification at the time of delivery of the Bonds to the Purchaser. The
proceeds of the Bonds will likewise be used in such manner that the Bonds are not
Private Activity bonds under Section 103(b) of the Code.
6.02 The Issuer hereby designates the Bonds as "Qualified Tax-Exempt
Obligations" within the meaning of Section 265 of the Code. With respect to such
designation, the Issuer covenants that it does not reasonably anticipate issuing
qualified tax-exempt obligations in an aggregate amount greater than ;10,000,000
in calendar year 1988.
6.03 The Administrator is hereby authorized and directed to certify a copy
of this Resolution and to cause the same to be filed in the office of the Wright
County Auditor, together with such other information as such auditor may require,
and to obtain from the county auditor a certificate that the Bonds have been
entered upon his bond register.
10
6.04 The officers of the Issuer are authorized and directed to prepare and
furnish to the Purchaser and to the attorneys approving the Bonds, certified copies
of all proceedings and records of the Issuer relating to the power and authority of
the Issuer to issue the Bonds within their knowledge or as shown by the books and
records in their custody and control, and such certified copies and certificates shall
be deemed representations of the Issuer as to the facts stated therein.
6.05 The Issuer covenants that it will file with the Internal Revenue
Service the information required under Section 149(e) of the Code.
Adopted this 23rd' day of May, 1988.
Adm' istrator Mayor
11
ATTACHMENT
Collection Year Amount Levied
Le_ year
1989 $157,836
1988 1990 150,028
1989 1991 151,499
1990 1992 147,366
1991 148,484
1992 1993 149,246
1993 1994 149,655
1994 1995 149,709
1995 1996 143,985
1996 1997 148,646
1997 1998 147,196
1998 1999 145,242
1999 2000 148,091
2000 2001 144,929
2001 2002 146,643
2002 2003
SPRINGSTED !~CCRPC~,?T=.'
putter irarr a.dvisc~s
35 Eas ~,;~ Flace Su ~~
.'u ~esota 5b10'~.?, 1~;
~1~ 3 ,Oi)0
$1,625,000
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A
AWARD: CLAYTON BROWN 8~ ASSOCIATES, INCORPORATED
SALE:
May 23, 1988
Moody's Rating: A
Interest Netlnterest
Bidder RntPC p.s,.e .-__~ o ~_~
CLAYTON BRObVN & ASSOCIATES,
INCORPORATED
MILLER SECURITIES, INCORPORATED
DAIN BOSUlORTH INCORPORATED
CRONIN & COMPANY, INCORPORATED
NORM,",BEST INVESTMENT SERVICES,
INCORPORATED
American National Bank Saint Paul
Dougherty, Dawkins, Strand & Yost,
Incorporated
Moore, Juran and Company, Incorporated
Peterson Financial Corporation
ALLISON-WILLIAMS COMPANY
Piper, Jaffray & Hopwood Incorporated
Miller & Shroeder Financial, Incorporated
6.75% 1990-1996
6.90% 1997
7.00% 1998
7.10% 1999
7.20% 2000
7.25% 2001-2004
5.509'0
5.75%
6.00%
6.259'0
6.50%
6.609'0
6.75%
6.909'0
7.00°,%
7. 10°0
7.20%
7.309
7.40,
7.50%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003-2004
.5.50°:0
5.75%
6.00%
6.20%
6.40%
6.60%
6.75%
6.90%
7.0095
7. 109'0
7.20%
7.30%
7.40%
7.50%
7.60%
6.30%
6.375%
6.40°:0
6.509'0
6.70%
6.80°
6.909
7.00%
7.10%
7.20°'0
7.30%
7.40%
7.50%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
1990
1991
1992-1993
J 9.94
f995
1996
1997
1998
1999
2000
2001
2002
2003-2004
$1,600,690.24
$1,600,787.50
$1,600,625.00
$1,600,627.50
$1,153,153.02
(7.2532%)
$1,158,428.33
(7.2864%)
$1,160,270.83
(7.2980°~)
$i, 163, 357. SC!
(7.3 174%)
Interest Net Interest
Bidder Rates Price Cost & Rate
SMITH BARNEY, HARRIS UPHAM & 5.75°~o 1990 $ I , 600, 625.00
COMPANY 6.00°0 1991
DEAN WITTER REYNOLDS 6.15% 1992
INCORPORATED 6.30°0 1993
SHEARSON LEHMAN BROTHERS INC. 6.45°% 1994
PRUDENTIAL-BACHE SECURITIES 6.60% 1995
INCORPORATED 6.75% 1996
6.90% 1997
7.00% 1998
7.159'0 1999
7.30% 2000
7.40% 2001
7.509'0 2002
7.609'0 2003
7.70% 2004
MERRILL LYNCH CAPITAL MARKETS 5.75%
6.00%
6.20°0
6.40%
6.60%
6.80%
6.90°0
7.00°S
7.10%
7.20%
7.30%
7.40%
7.50%
7.60°'0
7.70%
1990 $1,600,625.00
1991
1992
1993
1994
1995
1996
1997
1998
1999
2.000
2001
2002
2003
2004
REOFFERING SCHEDULE OF THE PURCHASER
$-,172,339.17
(7.373975%)
$1,178,929.17
(7.415°.'0)
Rate Year Yield
6.75% 1990 5.75%
6.75% 1991 6.00%
6.75% 1992 6.15%
6.75% 1993 6.30%
6.7590 1994 6.45%
6.75% 1995 6.60%
6.75°'0 1996 Par
6.90% 1997 Par
7.00% 1998 Par
7.10% 1999 Par
7.?0% 2000 Par
7.25% 2001 7.309'0
7.2 S% 2002 7.40%
7.25% 2003 7.509'0
7.25% 2004 7.60%
BBI: 7.97
Average Maturity: 9.78 Years
CERTIFICATION OF MINUTES
Issuer: The City of Monticello
Governing body: City Council
Meeting: A meeting of the City Council of the City oP Monticello,
Minnesota held on the 23rd day of May, 1988, at 7:30 p. m. at
the City Hall in the City of Monticello, Minnesota.
Council Members
present: Arve Grimsmo, Daniel Blonigen, Frances Fair, William Fair
and Warren Smith
Council Members
absent: None
Documents: A copy of a resolution adopted by the City Council of the City
of Monticello at said meeting.
Certification:
I, Rick Wolfsteller, Administrator of the City of Monticello 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 of Monticello, which resolution was adopted by the
City Council, at the meeting referred to above. Said meeting was a
regular meeting of the City Council, was open to the public, and was held
at the time and place at which meetings of the City Council are regularly held.
Council Member Frances Fair moved the adoption of the attached resolution.
The motion for adoption of the attached resolution was seconded by Council
Member Warren Smith A vote being taken on the motion, the following voted in
favor of the resolution: Arve Grimsmo, Frances Fair, 6iilliam Fair and
Warren Smith
and the Following voted against the resolution: Daniel Blonigen
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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 City
Council of the City of Monticello which would in any way alter or amend the
attached resolution.
Witn~ss my hand officially as the Administrator of the City of Monticello
this ~ ~" day of May, 1988.
Ad nistrator
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