City Council Resolution 2016-53EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF MONTICELLO, MINNESOTA
Held: August 8, 2016
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Monticello, Wright County, Minnesota, was duly called to order on August 8, 2016, at 7:00
P.M.
The following members were present: Gabler, Hilgart, Perrault, Posusta, and Stumpf
and the following members were absent:
Member Perrault introduced the following resolution and moved its adoption:
Resolution 2016 -053
RESOLUTION CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION SEWER REVENUE REFUNDING BOND, SERIES 2008A
WHEREAS:
A. The City Council of the City of Monticello, Minnesota issued $9,270,000 General
Obligation Sewer Revenue Refunding Bond, Series 2008A, dated April 17, 2008; and
B. All of said bond maturing on August 1, 2018, is subject to redemption, in whole or in
part, and prepayment at the option of the City on February 1, 2016, and on any date thereafter at
par plus accrued interest, all as provided in the resolution of the City authorizing the issuance of
said bond; and
C. The City deems it desirable and in the best interest of the City to call $516,000 of the
outstanding bond maturing on August 1, 2018, for redemption on September 15, 2016, in
accordance with said resolution authorizing the issuance of said bond, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota as follows.-
1. $516,000 of the General Obligation Sewer Revenue Refunding Bond, Series 2008A,
dated April 17, 2008, of the City of Monticello, Minnesota, maturing on August 1, 2018, shall be
redeemed and prepaid on September 15, 2016, at 100% of the principal amount plus accrued
interest for each such bond called.
2. The Finance Director, appointed as Paying Agent and Registrar, is hereby authorized
and directed to give mailed notice of call to the holders of the bond as may be required by law.
Said notice shall be in substantially the attached form.
3. The Finance Director is hereby authorized and directed to send full payment to the
holder(s) on said call date to pay all principal and interest due on the bonds as of the call date.
The motion for the adoption of the foregoing resolution was duly seconded by member
Glen Posusta and upon a vote taken thereon, the following voted in favor thereof:
and the following voted against the salve:
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 Finance Director of the City of
Monticello, Wright County, Minnesota, DO HEREBY CERTIFY, that I have carefully compared
the preceding extract of minutes of a meeting of the City Council of said City held on the date
therein indicated with the original minutes thereof on file in my office and that the same is a full,
true and correct transcript thereof insofar as said minutes relate to the topic described in the title
of the resolution set forth in the extract.
WITNESS my hand officially and the official seal of the City on August 8, 2016.
A
(SEAL)
Finance Director
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION SEWER REVENUE REFUNDING BOND, SERIES 2008A
DATED: APRIL 17, 2008
CITY OF MONTICELLO, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello,
Minnesota, there has been called for redemption and prepayment on
SEPTEMBER 15, 2016
$516,000 in principal amount of the outstanding bond of the City designated as General
Obligation Sewer Revenue Refunding Bond, Series 2008A, dated April 17, 2008, having the
stated maturity date of August 1, 2018 *. The portion of the bond being called for redemption
represents the sinking fund principal amount due on August 1, 2018, and will be called at a price
of 100% of the principal amount plus accrued interest to September 15, 2016, on which date all
interest on said portion of the bond will cease to accrue.
Dated: August 8, 2016
BY ORDER OF THE CITY COUNCIL
/s/ WUne Oberg
Finance Director
*The bond is a Tenn Bond with semiannual mandatory sinking fund payments of principal. The
mandatory sinking fund installment payments due February 1, 2017 through February 1, 2018
will remain outstanding until their respective payments dates, unless called for redemption at an
earlier date by the City.
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2003, the paying
agent is required to withhold a specified percentage of the principal amount of the redemption price payable to the
holder of any bonds subject to redemption and prepayment on the redemption date, unless the paying agent is
provided with the Social Security Number or Federal Employer Identification Number of the holder, properly
certified. Submission of a fully executed Request for Taxpayer Identification Number and Certification, Form W -9
(Rev. December 2011), will satisfy the requirements of this paragraph.
Additional Information may be obtained from:
NORTHLAND SECURITIES, INC.
45 South 71 Street, Suite 2000
Minneapolis, Minnesota 55402
Attn: Public Finance
Phone: 612- 851 -5900 or 800 - 851 -2920