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City Council Resolution 1980-28 ~~ EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA HELD: DECEMBER 8, 1980 Pursuant to due call. and notice. thereof, a reqular meeting of the City Council of the City of Monticello, Minnesota, was duly held at the City Hall in said City on the 8th day of December, 1980, at 7:30 P .M. The following members were present: A. Grimsmo, D. Blonigen, F. Fair, K. Maus & P. White and the following were absent: None Member Maus introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR PUBLIC SALE OF $255,000 GENERAL OBLIGATION BOND5 OF 1981 BE IT RESOLVED by the City Council of the City of Monticello, Minnesota, as follows: 1. It is hereby found, determined and declared that this City should issue $255,000 General Obligation Bonds of 1981. to defray the expense of the construction of a library facility. 2. This Council shall meet at the time and place specified in the form of notice hereinafter contained for the purpose of opening and considering sealed bids for, and awarding the sale of the $255,000 General Obligation Bonds of 1981. of said City. 3. The City Administrator is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper. of the City and in Commercial West not less than ten days in advance of date of sale, as provided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto. 4. The terms and conditions of said bonds and the sale thereof are fully set forth in the "Official Terms of Offering" attached hereto as Exhibit B and incorporated herein by reference. Resolution 1980 #29 • • . The motion for the adoption of the foregoing resolution was duly seconded by member Fair and upon a vote being taken thereon, the following voted in favor thereof: A. Grimsmo, F. Fair, K. Maus & P. White and the following voted against the same: D. Blonigen Whereupon said resolution was declared duly passed and adopted. ~` ~ ~ STATE OF MINNESOTA COUNTY OF WRIGHT CITY OF MONTICELLO I, the undersigned, being the duly qualified and acting Administrator of the City of Monticello, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes with the original minutes of a meeting of the City Council held on the date therein indicated,. which are on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to the public sale of $255,000 General Obligation Bonds of 1981 of the City of Monticello, Minnesota. WITNESS my hand as such Administrator and the official seal, of the City this '~~ day of `0 , 1980. City finis ator (SEAL ) ~ ~ EXHIBIT A NOTICE OF BOND SALE $255,000 CITY OF MONTICE~LLO WRIGHT COUNTY MINPJESOTA GENERAL OBLIGATION BONDS OF 1981 These bonds will be offered Monday, January 12, 1981, at 7:30 p.m., Central Time, at the City Hall, in Monticello, Minnesota. The bonds will be dated February 1, 1981 and interest will be payable August 1, 1981 and semiannually thereafter. The bonds will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. The bonds will mature without right of redemption on February l in the amounts and years as follows: $20,000 1984-1985 $25,000_ 1986-1987 $30,000 1988-1990 $35,000 1991 $40,000 1992 All dates are inclusive. Sealed bids for not less than $250,000 and accrued interest on the principal sum of $255,000 will be accepted. No rate of interest nor the net effective average rate of the issue may exceed 12 percent per annum. An acceptable approving legal opinion will be furnished by Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota. The proceeds will be used to construct a .library facility. Bidders should be aware that the Official Terms of Offering to be published in the Official Statement for the Offering may contain additional bidding terms and information relative to the Issue. In the event of a variance between statements in this Notice of Bond Sale and said Official Terms of Offering the provisions of the latter shall be those to be complied with. Dated: December 8, 1980. BY ORDER OF THE CITY COUNCIL /s/ Gary Wieber City Administrator • EXHIBIT B OFFICIAL TERMS OF OFFERING $255,000 CITY OF MONTICELLO, MWNESOTA GENERAL OBLIGATION BONDS OF 1981 Sealed bids for the Obligations shall be opened by the City Council on Monday, January 12, 1981, at 7:30 P.M., Central Time, at the City Hall. Consideration of the bids for award of the Obligations shall immediately follow the opening of bids. DETAILS OF THE OBLIGATIONS The Obligations shall be dated February I, 1981 and shall bear interest payable on February I and August I of each year, commencing August I, 1981. The Obligations shall be general obligations of the Issuer for which the Issuer shall pledge its full faith and credit and power to levy direct general ad valorem taxes. The Obligations shall be in the denomination of $5,000 in coupon form and non-registrable. The proceeds shall be used to provide funds for the construction of a library facility. The Obligations shall mature February I, in the amounts and years as follows: 20,000 1984-1985 $35,000 1991 25,000 1986-1987 $40,000 1992 30,000 1988-1990 The Obligations shall not be subject to payment in advance of their respective stated maturity dates. TYPE OF BID A sealed bid for not less than $250,000 and accrued interest on the total principal amount of the Obligations shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening a certified or cashier's check in the amount of $2,550 payable to the order of the Issuer shall have been filed with the undersigned or SPRINGSTED Incorporated, the Issuer's Financial Advisor; no bid will be considered for which said check has not been filed. Said check of the Purchaser shall be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the Issuer scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. Rates offered by Bidders shall be in integral multiples of 5/100 or I/8 of I%. No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than I %. No rate nor the net effective rate for the entire Issue of the Obligations shall exceed 12.0%. Obligations of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity and additional coupons shall not be used. AWARD The Obligations shall be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of the discount, if any, to, the total dollar interest on the Obligations from their date to their final scheduled maturity. The Issuer's computation of the total net dollar interest cost of each bid, in accordance with customary practice, shall be controlling. ~~ ~ ~ The Issuer shall 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 Obligations, (ii) reject all bids without cause, and, (iii) reject any bid which the Issuer shall determine to have failed to comply with the 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. In the event of failure by the Purchaser to name the Paying Agent within said time the Issuer shall do so. The Issuer shall pay reasonable and customary charges for the services of the Paying Agent. An alternate Paying Agent may be 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 NUMBERS If the Obligations qualify for assignment of CUSIP numbers such numbers shall be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto shall constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. 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 Obligations shall be delivered without cost to the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser. Delivery shall be subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion shall be printed on the Obligations, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the Issuer or its designee not later than I:00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Obligations shall have been made impossible by action of the Issuer, or its agents, the Purchaser shall be liable to the Issuer for any loss suffered by the Issuer by reason of the Purchaser's non- compliance with said terms for payment. At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the Obligations did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Upon request to the Issuer's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. The Purchaser shall be provided with IS copies and may obtain additional copies at the Purchaser's cost. Any other interested party may obtain a copy, if available, at a price of five dollars. Dated December 8, 1980 BY ORDER OF THE CITY COUNCIL /s/ Gary Wieber Administrator