City Council Resolution 1981-27•
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LKTRAC`-P OF N1Ii-1UTLS OF I~1L:F,TJ=[JC', OL' 'rli1:
CI`T'Y COIJNC:CI~ UL' TII., CI`T'Y Ui~
MO1ITICELLO, P11I•T'~TL;:iU'rl\
HI3LD: hllGUST 3, 19c31
Pi.arsuarit to due call and notice therac~:E, a regular mec't:i:ng
of the City Council of the City Of i`10r1t1Ce I10, t~ilYrIlf'SO a, ~~as
duly hc~lc-i at t}~re City Iia11 in said City on the 3rd d~~y of
August., .19£3.1, at. 7:30 0' clock P.P•7.
T}re following members were present:
Dan Blonigf~n, Ken Maus, Arve Grimsmo
and the following were absent:
Phi]_ White, Fran Fair
f~7ernber- Ken Maus __ _ _ ` introdure~] the following
resolution and moved its adoption:
R'dSOLU`l'IOJJ PI20VID:C~1G 1'OR PC1BL,~CC SI'~LT;
OI' $~9U, OQO GI:[1:GRA1~ OBLIGA`1'ION
II~IPROV~~~ILN`l' BONDS OF 19£31 , S:1.R:C1?S B
I3 (; IT 1ZLSOLVED by the City Counci]_ of_ t.,~ze City a:E
)tilonticE~].lo, Pfi_nnesota, as fo11o~~~s:
1» It is hereby found, determined anti declared t}lat this
City s}could issue $4c~0, ODU General Oblic3atiaa Izr~,provera~~r~t Bonds
of 1981, Series B to defray the expense of_ t~l~e ronstructiar of
various impravc;rnents in the City.
?_» This Council sha]_].- meet at the i.it~!e and place
specified in the form of nati_ce hereina:Ete:r ~~~ozit~.r:ined for- the
purpose of opening and considering scaled bi~]s for, and a~ar.c:l-
ing thc~ sale of $49U, ODU General Obligation Cmproverueni: ',3r~nds
of 198]., Series I3 of said City.
3» The Ci.t.y Administrator is hereby ,~t;ii_hor.-i_red ar~d
directed to c~~use notice of the tune, place ~~rnd 1>urpo se af. s~_ii_d
meeting to be published in the official ne~,Js~apc~r at the City
and in Corn?nar. cia]_ Nast nof_ less t}1x11 ten dory ~ in advazir_e of
date o.f- sale, as provided by law, wlric}i noti.a~e shall be iz~
substantially the farm set fort3z in I.xhibi[_ i, attached hereto.
Res. #27 8/3/81
~. TYre terms aril r.~indi..t.i.oiis of said ~rx~rids trnd 1-.Ite s,al~
therec~E ~~ii_~c~ fu.l_l,y set f_cart1i ire the "Offic~_~~7~~r_ Terms:, at" U1~icr.
attached hereto as EYhi_;~it P aril incorpor_~~'.-.e<i herein by
ref-_e:r.E-~ncF_~.
~'t1e rnoi~i.on for the <idoptiori of tl~e foa•E>~.Ioin~~ resol.ut :i_~]~
was dull secondec~i by memk~er Dan Blonigen _ ~_rnd upon a •vc~1~c
being taken thereon, the fo]_lowiri<.t voted -i.~° favor. the:re~~~~:
Dan Bloniger~, Ken Maus, Arve Grimsmo
and tyre fol.lowinc~ voted ac7<-iinr_>t. the same
T~lhereuporr s~~~id re:~oluti.on ~~~~~s declare,.-1 ~ctul.y ~~~~~ ;c:~d <_~.ri~~
adopted.
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uT11'I'1~ OF' MT1~1Pi~i;;,C)'PIa
CUUJ~f`l'~' UI~' LJl2:C(:;E1`I"
CI`PY C~f' P70P~7`I':ICEL1:~0
7., th~~ uttdErr~~ic~ned, being tlze~ du~Ly qu<il~-f-ir_'d ~,r,~:i
actinE; Adlninista-raL-or of the City of Montir~zllo, i~iirznr~""sot-.<_;, 1)t>
III~RL:I3" C'i~.lZ'P:tf?1' t.ltat i have c~zrF.ful-ly cornl~~z;°~~d thr~ r:;tt_~zchr~~r~ <,;1c7
fore~~c,in<~ r:xtrac;~t of tni.nutes with the oric~ ~-nal r;~.i-notes o,_ ~,.
meeti.~;<3 oL the City Council hel,~ on the d~~i.e t.hcrrein i.r;di_cat.ecl,
which ar-~:~ c>n f~i.:le anc~ of z'cco.rc3 in my off.i.t~r, <zncl the' ;;a,u- i., ~.
full, tr~rc~ tzrtd ~~;nn1~l.ete tr<-zrzscript ther,~L-r~~;r :i.r~sol"ar. <~, t_};E~
same r- ~~l.;ttc.~:; t~:> i_ltr: proposed s~~le of $4c.~0, ?)00 Gurtctral-
Oblic~~1L;i.~n Im}?rovement Bonds of 19F31, series B of the Ci.t.y.
I~dI`.l'N1~;>> my hand as such Aarninis t rator and the
oifi.c i~z?_ :7c~~<zl c~,i. the City this 5th --- <~,:~y or 1luyust-_.-, _______~
19£31 .
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x'lssist:ant City 11c=A,pi;zi:~tr.«:zto.r
(sr~~r, )
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rX1II13IT A
NOTICt~ OF k30N1) SALE;
$490,000
CITY OF [~90NT:IC1Ll,0
WRI(~HT COUNTY
MINNESOTA
GLtdI~IZI~I, OB:i~IGRTION I[~PJtOVJi~1ELdT
BUNDS Oh 1981, SEI~IE.3 I3
These bonds will be offered I~londay, Septcrrz~~er 14, 19&]_, at. 7 ; 30
P.M., Centr.~zl Tir:r~; at the City Hall, in tlontice]_.lo, M.i_nn<~::~~~ta.
The bonds will be cistited October 1, 19£31 anti inte:r.e;>t willl bc.
payable August :1, 19£3]_ azzd semi~tnrtually th~~realtc~r. ~4'he Y~orrc3s
will be gc::ner.~zl oblig~~t.i.orls of the Issuer f.-or- wlz.i.ch its
unlirna.tecl taxin~I powers will be pledged. The bonds cai3.1 m<zture~
on Februe:iry 1 in the amounts and years as fallow
$45, 000 19£33 - 19£34
$50, 000 19F35 - 1992
All dates are inclusive.
All bonds maturing on or after February 1, 1990 are subject to
prior payment an February 1, 1939 and any interest p~iyri~ ~~tt_ c3~te
tliere<~f.t.er at ~z pr.ice of par and acc..rue:d intE~r.est. ~>c~~~i} c:~c3 I~~.~ls
for not less th~:zn $480,400 and accrued interest. orz the
principal Burn of $490, 000 will be accepted . Ncr rate of
interest nor t}ic, nc~t efect.ive average rata of the issue 17ay
exceed 12o per annum. An acceptable apprca~4~ing legal opinion
will bf~ furnished by Briggs and Morgan, Professior-zal
Association, of St. Paul and P4i~+ne<~polis, P~9i.nne~sota. The
proceeds wi_1.1 b~~ used to :Einanc~~ v~irious i:nrprovernents :fin t'rzcT
City.
Bidder-:: should be a~ti~are t}zat tl-e Official '1'c'rut~ of Offer:irzc~ to
be publ:is}led in the Official Staterzent for t.'k~re Offering rn~zy
contailz additional bidding te:rrns and .i.nfor,nat..ion rel..-.7tiv~ to
the Issue. Tn the event of_- a variance bet_4~rE.en st~~ztc~ments in
this Tdot.:i.ce of Bond Sale and s<~id official Terms oi= OfL-erirzc~
the provi.siozzs oL- 'the latter shall be those to be co~nplicd
with.
Dated: l~ugust_ 3, ]_c}£31 BY 012llLR OF 'P1iE: CI~1'Y COUYIC:CIS
/s/ Gary ~Jieber
~~City Adin~_rli.s~ratc~r
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I,XdII13I'1.' ~ •
OFFICIAL TERP~AS OF OFFERING
$490,000
CITY OF MONTICELLO, MINNESOTA
GENT=:RA.L UBi_IGATION IMPROVEMENT BONDS Oi=- f :3~B t, SER6ES C3
Seated bids for the Obligations :;hall be opened by the City Coun:~:i€ on 1',honday, Sc~~t,f~~niber It+,
(981, of 7:30 P.M ,Central Time, at the City Hall. Consideraticr~+ of the bids fcr av.~ard of t,1L
Obligations shall immediately follow the opening of bids.
DETAILS OF THE OE3LIGATIONS
The Obligations shall be dated October I, 198! and sholl bear infier~Eat payable on February I and
y';ugust I of each year, cornrrtencir7g August I, 1982. The Obligations ,°>hall be general obligaiiorrs
of the Issuer for which the Issuer shall pledge its full faith and credit and power to levy dire cat
neneral ad valorem taxes. In addition the Issuer shall pledge s}>ecial assfasrr}eats ct~~ainst
benefited property. The Obligations sf-tall be in the denomination of $5,000 in colrpon form and
non-registrable. Tf~e ;yrocee_ds shall be used to finance various imprc:wr~,ments within tl•te ~'ity.
The Obligations shall mature February I, in the amounts and years <~s i(~o{lows:
$45,000 198-1984
$50,000 1985-1992
The 6ssuer may elect on February I, 1989, and on any interest paym:=r •t date thereafter to pr epay
Obligations due on or aftr~r February I, 1990., Redernpi-ion may k+~ in whale or in ,~t cif the
Obligations subject to prepayment. If rc cmption is in part, Chase O!~(igations rentair~inc:~ unpaid
which have the latest maturity date shall be prepaid first and if only part of the ~'blicatic;ns
having a common maturity date are cull;.:! for prepayment the spec:rifiic Ob{igatiar,s to '~e ~xrc:pcid
shall be chosen by (at by the Paying Agent. All prepayments shall be at a price: of pc+r axed
accrued interest.
TYPE OF BID
A sealed bid for noi` less than $`x80,400 and accrued interest on the total principal amount of the
C1h!~~,tions shall be filed with th^ vndersigneci prior to the time set for• the opening of bids. ~`,Iso
pi is-~r to the time set for bid opening a certified or cashier's ci;+~rcl'•< in the amounfi of $4,900
payable to the order of the Issuer, steal( have been filed with the uundersigned or SPRING:`>T~D
Incorporated, the Issuer's Financial Advisor; no bid will be ronsidc~red for which said check has
not been filed. Said check of the Purchaser shall be retained by the Issuer as lic;uidatt.d damage s
in the event the Purchaser fails to comply with the accepted bid„ No bid shall bc, ~~~iti~drawn
after the time set for opening bids, unless the meeting of the lssuc~r ;~cJ~ed~rled for considr:-ration
of tl-tc bids is adjourned, recessed, or continued to another date wiihout av~~ard of the Gbligaticns
having been made. Rates offered by E3idders shall be in integral multiples of 5/100 or I/F~~ of 13~,.
Pao rate for a maturity shell exceed the rate specified for any subsequent maturity try more thCtCl
I~~~. No rate nor the net effective rate for the er7tire Issue of the Obligations shall ex<~eec1 12'b.
Obligations of the same maturity sl~~all bear a single rate from the date of the f~?bligatic~rts to the
date of maturity and additional coupons shall not be used.
AWARD
The Obligations shc:rll be awarded to the Bidder offering the lowest dollar interest : cyst to be
determined by the deduction of the premium, if any, fror7~r, or the addition of thr• discount, if any,
to, tt~c total dollar interest on the Obligations frf>rn their date to their final schedr_rled r~taturity.
The Issuer's computation of the total net d~'!',r interest cost of each t~id, in accordance Urith
customary practice, shall l:~e controlling, sy°
e Issuer shall reserve the r~t to; (i) waive non-substantive:: in ~:;rmalities of any bid or of
natters relating to the receipt of bids and award of the Obligations, (ii) rej+~ct all bids without
CaUSf', and, (iii) reject ony bid which the Issuer shall deterrrrine to t~;a~,~e fails>d to comply with tl-re
terms herein.
PAYING AGENT
The Purchaser may name the Paying Agent but shall do so within two business days after the
award of the Obligations. (n the event of failure by the Purchase-:r to Warne; the Paying Ag~-rt
within said time the Issuer shall do so. The Issuer shall pay reasonatale and customary cf-rar%'s for
tfie services of the Paying Agent. An alternate Paying Agent may tie named by the Purchaser in
the same manner as the principal Paying Agent is named, provided that there shall be no
additional cost to the Issuer.
CUSIP NUMESL= RS
If the Obligations qualify far assignment of CUSIP numbers such nr~m'~ers shall be printed on the
Ubligations, but neither the failure to print such numbers on any ~~.)bligcation nor any error v.~il!~
rc~spc~ct thereto shall constitute cause for failure or refusal by the Purchaser to accept delivery
of the Obligations. 1-he CUSIP Service E3ureau charge for the assignment c>f CUSIt' identiticati~~n
n~,rnbers shall be paid by the Purchaser.
SETTLEMENT
~`;'itt7in ~+0 days fol}owing the date of their award the Obligations shall be delivered witl-rout cost
tc the Purchaser at a place mutually satisfactory to the Issuer and the P~.rrchaser. De}ivory shall
bt• subject to receipt by the Purchaser of an approving legal opinion; of f3riergs and Morgan
Proff:•ssional Associc:rtian of Saint Paul and Minneapolis, Minnesota, which opin_n s}~~a{I be prirrtect
ors the Obligations, and of c:?stor-nary closing papers, including a no--litigation certificate. On the
date of settlement payment for the Obligations shall be made in federal, or equivclent, fun~~s
titi~}rich shall be rece.•ived at the offices of the issuer or its desigr~ee not later than I:00 P.P~'i.,
Cc~r~tral Time of tt~e day of settlement. Except as compliance with thc.~ terms of payment for tl-;;:
Cbiigations shat} have been made impossible by action of the Issuer, or its agents, ttre Purchaser
sFroll be liable to t`re Issuer far any loss suffered by the Issuer by reason of the Purchaser's nan-
cornE:liance with said terms for {:>cyn~rent.
At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers
of the Issuer to the effect that the Official Statement prepored for the Obligations did r,~ t as of
the date of the Official Statement, arrd does not as of the date of settlement, contain c~;,y untrue
statement of a material fact or omit to state. a mate ria) fact nee. essary in order to make the
:tat: ~nents therein, in }fight of the circumstances under which they were macae, not misleading.
OFFICIAL ST.~.TEMENT
Upon request to the Issuer's Financial Advisor prior to the bid opening underwriters may oiJtain a
copy of the Official Statement. The Purchaser shall be provided wish 15 copies,
t )at c,d August 3, 19~> I
,~s/ Gary VJieber
City Administrator
E3Y O~L~ER OF THE CITY COUNCIL
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