City Council Resolution 1979-12~''4
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MONTICELLO, MINNESOTA
HELD: JULY 9, 1979
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Monticello,
Minnesota, was duly held at the City Hall in said City on the
9th day of July, 1979, at 7:30 o'clock P.M.
Dan Blonigene F~ an~ es Fairmb Kenneth Maus e& PhilipeWhitesmo,
and the following were absent: none
Member White introduced the
following resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $1,170,000 GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1979
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 $1,170,000 General Obligation '
Improvement Bonds of 1979 to defray the expense of various
improvements in the City.
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 award-
ing the sale of $1,170,000 General Obligation Improvement Bonds
of 1979 of said City.
3. The Administrator is hereby authorized and dir-
ected 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 lacy, which notice shall be in
substantially the form set forth in Exhibit A attached hereto:
Resolution 1979 #12
4. ThF~ terms and conditions of said bonds and the
sale thereof are fully set forth in the "Official Terms of Bond
Sale" attached hereto as Exhibit B and incorporated herein by
reference.
The motion for the adoption of the foregoing
resolution was duly seconded by member Blonigen and upon
a vote being taken thereon, the following voted in favor
thereof: all members
and the following voted against the same: none
~~hereupon 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 proposed sale of $1,170,000 General
Obligation Improvement Bonds of 1979 of said City.
WITNESS my hand as such Administrator and the
official seal of the City this --~-- day of _// . 1979.
J
.~
r i
~ Adminf~strator
;,
t
(SEAL)
EXHIBIT A
NOTICE OF BOND SALE
$1,170,000
CITY OF MONTICELLO
WRIGHT COUNTY
MINNESOTA
GENERAL OBLIGATIOIJ IMRPOVEMENT
BONDS OF 1979
These bonds will be offered Monday, August 13, 1979, at 7:30
o'clock P.M., Central Time, at the City Hall, in Monticello,
Minnesota. The bonds will be dated September 1, 1979 and
interest will be payable August 1, 1980 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
1 in the amounts and years as follows:
$135,000 1982
$115,000 1983 to 1991.
All dates are inclusive.
Sealed bids for not less than par and accrued interest on the
principal sum of $1,170,000 will be accepted. No rate of
interest nor the net effective average rate of the issue may
exceed 7~ 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 various public improvements
in the City.
Bidders should be aware that the Official Terms of Bond Sale 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 Official Notice of Bond Sale and said Official Terms of
Bond Sale the provisions of the latter shall be those to be
complied with.
Dated: July 9, 1979 BY ORDER OF THE CITY COUNCIL
/s/ Gary Wieber
Administrator
Exhibit B
OFFICIAL TERMS OF BOND SALE
$ I , 170,000
CITY OF MONTICELLO (WRIGHT COUNTY), MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1979
These Bonds (The "Obligations") will be offered for sale on sealed bids on Monday,
Avgust 13, 1979. Bids will he opened and acted upon at 7:30 P.M., Central Time, at
tl~e City Hall in Monticello. The Obligations will be offered upon the following
terms:
DETAILS OF THE OBLIGATIONS
The Obligations will be dated September I, 1979, and will bear interest payable on
each February I, and August I to maturity, commencing August I, 1980. The
Obligations will be general obligations of the Issuer for which its full faith and
credit and unlimited taxing powers will be pledged in addition to special
assessments to be levied against benefited property. The Obligations will be non-
registrable in bearer form with interest coupons attached, and will be of the
denomination of $5,000 each unless other denominations are requested by the
Purchaser within 48 hours after the award. The proceeds will be used to construct
various public improvements within the City.
The Obligations will mature February I, in the amounts and years as follows:
$135,000 1982
$115,000 1983-91
All Obligations will be without right of prior redemption.
TYPE OF BID
A sealed bid for not less than par and accrued interest on the total principal
amount of the Obligations, and a certified or cashier's check in the amount of
$I 1,700 payable to the order of the Issuer must be filed with the undersigned or the
Issuer's Financial Advisor, SPRINGSTED Incorporated, prior to the time of sale; no
bid will be considered for which said check has not been filed. The check of the
Purchaser will be retained by the Issuer as liquidated damages in the event the
Purchaser fails to comply with the accepted bid. No bid may be withdrawn until
the conclusion of the meeting of the Issuer at which bids are to be acted upon.
RATES
Bidders may specify rates which must be in integral multiples of 5/100 or I/8 of I°o
not exceeding 7% per annum. All Obligations of the same maturity must bear a
single rate from the date of issue to maturity. No rate may exceed the rate
specified for any subsequent maturity by more than 1.5% per annum. Additional
coupons may not be used. The net effective average rate of the Issue may not
exceed 7% per annum.
AWARD
Award will be made on the basis of the lowest dollar interest cost determined by
the deduction of any premium from the total interest on all Obligations from their
date to their stated maturity, as computed on the basis of the schedule of bond
years in the Official Statement published for the Obligations. The Issuer reserves
the right to reject any and all bids, to waive informalities and to adjourn the sale.
PAYING AGENT
Within 48 hours after the sale the Purchaser may name the Paying Agent for whose
services the Issuer will pay customary and reasonable fees. An alternate Paying
Agent may also be named by the Purchaser provided that there is no additional cost
to the Issuer by reason thereof.
CUSIP NUMBERS
It is anticipated that if the Obligations qualify for assignment of CUSIP numbers
such CUSIP numbers will 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 for by the Purchaser.
SETTLEMENT
The Obligat~~ns will be delivered without cost to the Purchaser at a place mutually
satisfactory to the Issuer and the Purchaser within 40 days following the date of
their award. Delivery will be subject to receipt by the Purchaser of an approving
legal opinion of Briggs & Morgan, Professional Association of Saint Paul and
Minneapolis, Minnesota, which opinion will be printed upon the Obligations, and of
customary closing papers, including a no-litigation certificate. On the date of
settlement payment for the Obligations by the Purchaser must be made in a manner
and in such funds as will reasonably enable the Issuer to invest the proceeds as of
the same day.
At settlement the Purchaser will be furnished with a certificate signed by
appropriate officers of the Issuer on behalf of the Issuer to the effect that the
Official Statement prepared for the Issue did not and does not 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.
One copy of the Official Statement wi II be furnished without cost to any interested
party upon request. Additional copies of the Official Statement will be furnished
without cost to the Purchaser upon request in reasonable quantity within a
reasonable time of such request.
Dated July 9, 1979.
BY ORDER OF THE CITY COUNCIL
/s/ Gary Wieber
Administrator