City Council Resolution 1984-34RESOLUTION 1984 # 34
RESOLUTION RELATING TO $100,000 GENERAL OBLIGATION
TAX INCREMENT BONDS, SERIES 1984,
AND $ 170, 000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1984,
DETERMINING THE EXPEDIENCY OF ISSUING THE BONDS
AND PROVIDING FOR THE SOLICITATION OF BIDS THEREFOR
BE IT RESOLVED by the City Council of the City of Monticello, Minnesota (the
"City") as follows:
1. Authorization. It is hereby found, determined and declared that it is
necessary and expedient for the City, in accordance with the provisions of Minnesota
Statutes, Sections 273.71 through 273.78, forthwith to borrow money by the issuance
of its general obligation tax increment bonds in the principal amount not to exceed
$100,000, which amount is within the limitations specified in Chapter 475, Minnesota
Statutes, for the purpose of financing public redevelopment costs of a redevelopment
project undertaken by The Housing and Redevelopment Authority in and for the City
of Monticello, Minnesota, pursuant to Minnesota Statutes, Chapter 462. It is hereby
further found, determined and declared that it is necessary and expedient for the City,
in accordance with the provisions of Minnesota Statutes, Chapter 429, forthwith to
borrow money by the issuance of its general obligation improvement bonds in the
principal amount not to exceed $ 170,000 , which amount is within the
limitations specified in Minnesota Statutes, Section 475, for the purpose of financing
certain improvements undertaken by the City.
2. Sale Terms. In order to expedite the sale of said bonds, the City
Administrator of the City, in consultation with Springsted Incorporated, bond
consultant to the City, is authorized to prepare and circulate to one or more
prospective bidders information relating to the terms and conditions of the bonds and
relating to the financial condition of the City and to solicit bids from said prospective
bidders for the purchase of the bonds. This Council shall meet on such date as it may
deem expedient to consider bids for the purchase of the bonds and take such action
thereon as is deemed appropriate. .-~
Attest: .----_-
ecretary
Mayor