City Council Resolution 1977-15RESOLUTION DETERMINING THE NECESSITY FOR AND AUTHORIZING
THE, ACQUISITION OF CERTAIN PROPERTY BY
PROCEEDINGS IN EMINENT DOMAIN
WHEREAS, the city council has heretofore determined that
the City of Monticello should construct sanitary sewer ex-
tensions to service Oakwood Industrial Park and other areas
south of Interst--ate 94 in Monticello, Minnesota.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF MONTICELI:O,
MINNESOTA, AS FOLLOWS:
1. Acquisition by the city of the following described property
is necessary for the purpose of extension of sanitary
sewer to Oakwood Industrial Park and other areas south
of Interstate 9.~ in Monticello, Minnesota.
Lots 9 and 10, Block 5O, Lower Monticello, according
to the plat on file i.n the Office of the County Re-
corder, Wr~.ight Country, Minnesota.
DESCR.IPTIO~ OF EASEMENT:
A permanent easement for public utility purpose-s
over, under, and across that part of said Lots 9 and
10, lying northerly of the right of way cif Interst;ate
.Highway 94 and southerly of a line described as
beginnin at a point on the westerly l.:ine of said
Lot 10, distant 60.00 feet southerly of the north-
westerly corner thereof; thence southeasterly to a
point; on the easterly line of said Lot ~ distant
75.00 feet southerly of the: northeasterly corner
thereof and said line. there terminating.
Said permanent: easement contains 5,000 square feet:.
more or less.
.'.. The city attorney is authorized and directed on behalf
of the c_i ty t;c~ acquire the real estate above descri.he>d
b,~- the exercise of the power of eminent domain pur•suanl:
to Minnesota Statutes, Chapter 117, and is specifically
authorized to notify the owners of intent to take possession.
pursuant to Minnesota Statutes, Section 11'7.042. `Phe
city attorney is further authorized to take all act:ions
necessary and desirable to carry out the purposes of
this resolution.
Adopted by the c:pity counci_I this 26th day of Se ember, 197'7.
r' _
~~~%~/r G~' / .
Mayor
A'T T E S T : ~~(f L~~G~c-
C i Adm _ni ~tra tar.
EXTRACT OF MINUTES OF MEETING OF THE
' CITY COUNCIL OF~T~IE CITY OF
MONTICELLO, MINNESOTA
HELD: OCTOBER 6, 1977
Pursuant t;o d.ue call and notice thereof, a
spec is meeting of the City Council of the City of
rlonticel.lo, Minnesota, was du:1y held at the Monticello
Hist~~rical Museum in said City on the 6th -day of
Octo her, 19;7, at 4:00 P. M.
The following members were present:
Con Johnson, Arve Grimsmo, Dan B-lonigen, Gene Walters,
Philip White,
and the following were absent: None.
Member Walters introduced the fo1.:lowing resolution
and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $3,470,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1977
WH EREAS
1. The City Council has by resolution
adopted September l2, 1977 called for the public sale
of ~ 7 ;0, 000 General Obl i.gation Improvement Bonds of
1977 to defray the expense of various improvements in
the City;
'' . 'The City Counc i 1 has heretofore found,
determined and t-lec.l.ared that it is necessary, desirablc>
and expedient. t.o issue additional bonds to finance
the cost, of other improvements in the City.
NOW THEREFORE, BE IT RESOLVED by the City
Council of the City of Monticello, Minnesota, a5 follows;
1. The resolution of the City Council adopted
September 12, 1977 calling f.or the public sale of $73U,OO0
Ueneral Obligation Improvement Bonds of 1977 is hereby
resr. i nded.
2. It is hereby found, determined and declared
that this City should issue 53,470,000 General Obligation
Improvement Bonds of 1977 to defray the expense of various
improvements within the City.
3. 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 $3,470,000 General Obligation Improvement
Bonds of 1977 of said City.
4. 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 j^7est 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.
5. The terms and conditions of said bonds and
the sale thereof are fully set forth in the "Official Notice
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 Grimsmo t
and upon a vote being taYen thereon, the following voted
in favor thereof
Tnlalters, Grimsmo, ~Ihite, Johnson
and the following voted against the same:
Blonigen
Z~Ihereupon said resolution was declared duly
passed and adopted.
STATE OF MINNESOTA
COUNTY OF T4RIGHT
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, ~?hich 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 $3,470,000 General Obligation Improvement Bonds of 1977.
tidITNESS my hand as such Administrator and .the
official seal of the City this 18th day of October ,
1977.
_ _ -- _ ~~'
_ ~ Ci y Administrator
(SE~tL )
EXHIBIT A
NOTICE OF BOND SALE
$3,470,000
CITY OF MOT~tTICELLO
WRI GHT COUIJTY
MINNESOTA
GENERAL OBLIGATION Ir4F'RO~TEMETdT
BOT1D5 OF 1977
These bonds will be offered Wednesday, October 26, 1977, at
11:34 o'clock A.M., Central Time, at the City Hall, in
Monticello, Minnesota. The bonds will be dated November 1,
1977 and interest will be payable August 1, 1978 and semi-
annually thereafter. The bonds will be general obligations
of the Issuer for which its unlimited taxing powers will be
pledged in addition to special assessments against benefited
property. The bonds will mature on February 1 in the years
and amounts as follows:
1979 $250,000 1985 $195,000 1991 $260,000
1980 $205,000 1986 $205,000 1992 $270,000
1981 $195,000 1937 $215,000 1993 $285,000
1982 $170,000 1988 $225,000 1994. $ 65,000
1983 $180,000 1989 $235,000 1995 $ 65,000
1984 $185,000 1990 $245,000 197 $
60,000
1998 $ 60,000
1999 $ 60,000
All bonds maturing on or after February 1, 1989 are subject
to prior payment on February 1, 1988 and any interest payment
date thereafter at a price of par and accrued interest.
Sealed bids for not less than par and accrued interest on the
principal sum of $3,470,000 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, Minnesota. The proceeds will be
used to finance various improvements in the City.
Dated: October 6, 1977 BY OP.DER OF THE CITY COUNCIL
/s/ Gary Wieber
City Administrator
EXHIBIT B
OFFICIAL TEPS4S OF BOND SAL£
$3,470,000
CITY OF MOT~ITICELLO
(WRIGHT COUTITY)
MI~TNESOTA
GENERAL OBLIGATION IMPROVEMENT
BOT~IDS of 1977
These Bonds will be offered
1977. Bids will be opened
o'cloclc A.M., Central Time,
Monticello, Minnesota. The
following terms:
DATED AND INTEREST PAYMEN^1S
The Bonds will be dated November 1,
1977 and will bear interest pay-
able on each February 1 and
August 1, to maturity, commencing
August 1, 1978.
TYPE AND PURPOSE
The Bonds will be general obli-
gations of the Issuer for which
its full faith and credit and un-
limited taxing powers will be
pledged. in addition to special
assessments against benefited
property. The Bonds will be in
bearer form with interest coupons
attached and will be in the denomi-
nation of $5,000 each, unless other
denominations are requested by
the Purchaser within 4S hours
after the award. The proceeds
will be used to finance various
improvements in the City.
Wednesday, October 26,
and awarded at 11:30
at the City Hall, in
offering will be upon the
MATURITIES AND REDEMPTIOTd
The Bonds will mature on February 1,
in the years and amounts as follows:
1979 $250,000
1980 $205,000
1981 ..$195,000
1982 $170,000
19x3 $180,000
1984 $185,000
1985 $195,000
1986 $205,000
1987 $215,000
1988 $225,000
1989 $235,000
1990 $?.45, 000
1991 $260,000
1992 $270,000
1993 $285,000
1994 $ 65,000
1995 $ 65,000
1996 $ 65,000
1997 $ 60,000
1998 $ 60,000
1999 $ 60,000
'.
All dates are inclusive.
At the option of the Issuer all
Bonds maturing on or after February
1, 1989, shall be subject to
redemption prior to maturity in
inverse order of serial numbers on
February 1, 1988, and any interest
payment date thereafter, at a
price of par and accrued interest.
PAYING AGENT
The Purchaser may name the Paying
Agent within 48 hours after the
sale for whose services the Issuer
will pay customary and reasonable
fees. An alternate Paying Agent
may also be named provided that
there is no additional cost to the
Issuer by reason thereof.
CUSIP NUMBERS
If, within three working days
after the award of the Bonds, the
Purchaser in writing requests that
CUSIP identification numbers be
printed on the Bonds and agrees
to be responsible for the CUSIP
Service Bureau charge for the
assignment of said numbers, they
will be printed on the Bonds, but
neither the failure to print such
number on any Bond nor any error
with respect thereto shall con-
stitute cause for failure or
refusal by the Purchaser to accept
delivery of the Bonds.
DELIVERY
The Bonds shall 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
and Morgan, Professional Association,
of St. Paul, Minnesota, which
opinion will be printed upon the
Bonds, and of customary closing
papers, including a non-litigation
statement. Payment for the Bonds
must be made by the Purchaser in
Federal, or equivalent funds on the
day of settlement in a timely.
manner so as to be available to the
Issuer on said day.
TYPE OF BID
Sealed bids for not less than par
and accrued interest on the total
principal amount of the Bonds and
a certified or cashier's check in
the amount of $34,700, payable
to the order of the Treasurer of the
Issuer, must be filed with the under-
signed prior to time of sale. No
bids will be considered which are
not accompanied by the required
certified or cashier's check. The
certified or cashier's 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 must specify rates which
must be in integral multiples of
5/100 or 1/8 of 1o and not exceeding
7o per annum.. All Bonds of the same
maturity must bear a single rate
from date of issue to maturity. No
rate may exceed the rate specified
for any subsequent maturity by more
than 1% per annum. Additional
coupons may not be used. No
limitation is placed upon the number
of rates which may be specified.
The net effective average rate of
the Issue may not exceed 7~ per
annum.
AWARD
Award will be made on the basis
of lowest dollar interest cost
determined by the deduction of
any premium from the total interest
on all Bonds from their date to
their stated maturity as computed
on the basis of the schedule of
bond years in the Official State-
ment published for the Bonds. The
Issuer reserves the right to reject
any and all bids, to waive infor-
malities and to adjourn the sale.
Dated October 6, 1977
BY ORDER OF THE CITY COUNCIL
/s/ Gary Wieber
City Administrator