City Council Resolution 1981-02~ ~
The Council then proceeded to consider and discuss
the bids, after which member tea; r _ introduced
the following resolution and moved its adapt ion:
RESOLUTIOP7 ACCEPTING BID ON SALE OF
$255,000 GEtJERAL OBLIGATION BONDS OF 1981
PROVIllING FOR THEIR~'ISSUANCE ANIJ.LEVYING
A TAX FOR THE PAYMENT TH.ORElOF
BE IT RESOLVED by the Council of t:he City of
Monticello, Minnesota, as follows:
1. The bid of BancNorthwest to
purchase $255,000 Veneral Obligation Bonds of 1981 of the City,
in accordance with the notice of bond sale, at the rates of
interest hereinafter set forth, and to pay therefor the sum of
$251,047.51 is hereby found, determined ardd declared to be
the mast favorable bid received, and is hereby accepted and the
bonds are hereby awarded to said bidder. The City
Administrator is directed to retain the deposit of said bidder
and to forthwith return the good faith checks or drafts to the
unsuccessful bidders. The bonds shall be payable as to
principal and interest at Northwestern National Bank of
Minneapolis or any successor paying agent duly
app ino ted by the City.
2. The $255,000 negotiable coupon general obligation
bonds of the City shall be dated February 1, 1981 and shall be
issued forthwith. T~h~ bonds shall be 51 in number and numbered
from 1 to 51, both inclusive, in the denomination of $5,000
each. The bonds shall mature serially, lowEast numbers first,
without option of prepayment, on February 1 in the amounts
and years as follows:
$20,000 in each of the years 1984 and 1.985;
$25,000 in each of the years 1986 and 1..987;
$30,000 in each of the years 1988 to 1990,
both dates inclusive;
$35,000 in the year 1991; and
$40,000 in the year 1992.
3. The bonds shall provide funds far t:]ze construction of
a library facility (the "Project") in the City. The total cost
of the Project, which shall include all costs enumerated in
Minnesota Statutes, Section 475.65, is estimated to be at least
equal to the amount of the bonds herein aut]~~orized. 6Jork on
the Project shall proceed with due di.ligerxce to completion.
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