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City Council Agenda Packet 12-08-1975l; AGENDA Regular Meeting -- Monticello City Council. Monday - December 8;,1975 - 7•:34 P. M. Mayor: Con Johnson Councilmen: Denton Erickson, Stanley Hall, Dick -Martie; Gene Walters. Meeting to be taped. Citizens comments. Consideration of City of Monticello's involvement in youth hockey program. %9" Consideration of ordering improvement on 1975-2 Sanitary Sewer Improvement Project. 3':" Presentation by Central Minnesota Regional Development Commission. 1114/- Set sale date -for Liquor Stord'Revenue Bonds. ✓5. Consideration of approval. of Hillcrest Second Addition Preliminary Plat. 1b. Con$i-derat.i,on of 1976, Law 'Enforcement contract. 7.. ,Approval. of November 24, November 2S�and December ,i minutes. S. Unfinished business. 9. New business. MAILING TOt John Badalich Don Smith Mike Holm Ruth Moore y` Otto Schmidt - CMR DC y l AGENDA SUPPLEMENT Agenda Item 1-. Consideration of City of Monticello's involvement in youth hockey program. As you recall at our November 24, 1975 meeting, council consensus was to contact school district to obtain their views on a hockey program and to consider the city's involvement at our next meeting. In meeting with the school superintendent, Shelly Johnson, discussion centered around the school's views on a hockey program. Mr. Johnson indicated the school is not ready at this point to get in- volved to any extent with a hockey program and could not support such a program. Reasoning for this, he pointed out, .is the school district's student population is not large enough in com- parison with the other schools having a hockey program and still trying to run a good basket- ball and wrestling program. Mr. Johnson also cited the number of winter activities available already to students, both l of the athletic and non -athletic nature. (See enclosure). The hockey group would like the city to lot them use the rink by the bridge and be able to put boards on the rink this winter. At the outset, the group was looking toward. the city for financial support on the boards; however, it appears as they will be able to pay for these through pledges. POSSIBLE ACTIONt A. Approve of program for winter of 1975-76 and donato use of land and provide maintenance. 11. Deny request for winter of 1975-76 and recon - elder after more definite plane see available for 1976-77 winter. C. Deny request. at this time and make no committ- ment as to futurn eonmideration. My permonal recommendation would bn B due to timing problem, lack of proper citizen input from other sources other than hockey group and possible i'uturo comprehensive plan for park system which could give: city better concept of how hockey would t'it into park program. ME Agenda Item 2. Consideration of ordering improvement on 1975-2 Sanitary Sewer Impr•ovemenb Project. Low bid on the sewer extension to the .liquor store was $6165 and based on John Dadali.ch's estimate, an assessment of $6.50 per foot would be assessed against the three abutting property owners. By Monday's mecti.ng we should have a response on location of service stubs from the property owners, none of whom were at the public hcari.ng. Mr. Harold Ruff called and indicated he woul.d like to see Sixth Strect put through to Highway 25. In talking to John Iladali.ch, John felt this could be done next spring if the council. so desired and there would be [ALtle duplication of costs. Ile felt w.i.th such a low contract we should put sanitary sewer in now. POSSIBLE ACT'TON: Adopt reso.Luti.on ordering -im- provement and award b,i.d to Jerry's Excavation of New Beighton for $6165. Jerry's Excavation fnd.i.catcs t;hey will start immediately on project. Agenda :I:Lcm 3. PresenLati.on by Centa•a]. M.i,nnesota Regional Develop- ment; Commission. A member or staff person of the CMRDC w.il.1 be on hand Monday evening to explain what the Regional Development COmm.Lnsion is and what i.L's fUnCti.0119 arc. Agenda ittem 4. Sot; sale da Le Por LLquor Store. Revenue Ibmrls. Al. our November 24, 1975 mcct,ing the counc.i.I dis- cussed the resolution to set; Litt, sale date for the Liquor Store Revenue Bonds 111,0119 with specific st.ipit latioils set; forth in Lhe resolution. It; was der..i.ded to table Lhc matter unt.i-I the council had Limo tet digest t;hc contents of Lhc resolution. Of part;.iculav concern was the eovr'nant esCabl..ishing it reserve account; of $27,000 and the amount of inLt:rost Che City (Liquor Store) will pay over Lhc 10 year Life of tJto bond or $59,250. My re- rommvud,qLion would bo co go ahead with the sa.Le as (A) going back Lo 1966 tho Liquor St;ore has had it reserve of at Lr_nst: $35,000 (Il) the interest; wo could nave by borrowing Prom oLhur funds would be offset by the interest Lh.is money a•ouLd have earned in i.nvestmcnt;s. C_ POSSIIiI,h ACTLON: If counci i ronrurn, adoption oP resolution. -2- Agenda ]tem 5. Consideration of approval of ItiIIcrest Second .y Addition Preliminary Plat. Plat has been recommended for approval by Planning Commission with the stipulation that those platted lots not currently serviced by sewer and water would not be issued building permits as the lot sizes are less than 21 acre requirements for lots without city sewer and water. Plat contains 17 lots and also includes designation of park dedi- cation area approved by Planning Commission. Plat has been reviewed by City fngi.ncer and City Planner. (See enclosures). Plat is available at City Ilan for your review. Agenda item 6. Consideration of 1976 Law linforcement contract. lineIosed you will find a copy of the proposed contract for law enforcement services with the Wright County Sheriff's Office. If we decide to go with 16 honr' service onr annual contract would be $35,040 or the same' ::s last year. This is computed on the Iasis of $6 per horn• charge. POSSIBLE ACTION: If council concurs, approval l of contract.. C_ -3- RESOLUTION ORDERING IMPROVEMENT. Be it resolved by the City Council of Monti- cello, Minnesota as follows: It, is hereby determined that notice of hearing on sanitary sewer extensions along Sixth SLreet from corner of Locust and S.iath Street east to point GG feet west, of Pine Street, (High- way 25) and Sixth Street was duly mailed on November I1, 1975 and published in the Monti- cello 'rimes, the official newspaper of the City, on November 13, 20 and 27, 1975 as reyu.ired by Minnesota SLatutes ChapLer 429, and as ordered by resolution of Lhis council adopted December 8, 1975• A public hearing having been held on December I, 1975 and opportunity having been given at, such hearing to all persons Lu make known their views on said improvement, and the Council being fully advised of Lhe pertinent facts, does hereby order l.he cons Lruc.tioil of said improvement, in accordance with Ulc description thereof contained in said nol,ice of hearing. 3. 'Phis project will be entitled Lhe 1 97 5-2 Sanitary Sewer Project. 4. Based uPon bias received and opened December I, 1975 the cons truct.ion of the project is awarded to Jerry's Hccavating of New Brighton, Minnesota for $6165. //// 1 / , M aly��,Q//t �• City �inis�tn� Date: Y ' 1175 12 4-)s"/ EXTRACT OF MIpUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF MONTICELLO, MINNESOTA HELD: December 8, 1975 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Monticello, Wright County, Minnesota, was duly held at the City Hall in said City on the 8th day of December, 1975, at 7:30 o'clock P.M. The following members were present: Johnson, Hall Erickson, Martie and Walters and the following were absent: None Member Gene Walters introduced '!the following resolution and moved its adoption: RESOLUTION CALLING FOR TILE ISSUANCE Allb PUBLIC SALE OF $200,000 MUNICIPAL rj LIQUOR STORE REVENUE BONDS OF 1976 WHEREAS, the City of Monticello has by Ordinance No. 3-3-2 duly adopted June 9, 1975 , authorized the establishment and operation of a municipal liquor dispensary for the sale of intoxicating liquors in accordance with the provisions of Chapter 340 Minnesota Statutes; and WHEREAS, the Council deems it necessary and exped- ient to acquire, construct and equip a new off -sale liquor store to replace the municipal liquor dispensary now owned and operated by the City of Monticello; IIOW THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello, Minnesota, as follows: 1. It Is hereby dntermined and declared that it is advisable. expedient and necessary to provide money in the arnunt of 8200,000 to acquire, construct and equip a new off -sale liquor s4ore to replace the existing municipal liquor dispensary by the Issuance and sale of $200,000 Municipal Liquor Store Revenue Bonds of 1976 in said amount, and that the receipts reasonably anticipated from the operation a- j -7s r z of the dispensary will be sufficient to provide net revenues in an anount required to meet the payments of principal and interest on such obligations when due and that it is for the best interests of the City that revenue bonds be issued payable solely from the net revenues from the municipal liquor dispensary. 2. The City has no presently outstanding bonds, warrants, certificates or other obligations or evidences of indebtedness or money borrowed for or on account of the municipal liquor dispensary or indebtedness for which any of the net revenues of said dispensary have been appropriated or pledged. 3. The City Clerk is hereby authorized and directed to give notice of the sale by publication in the local official newspaper and in Commercial West at least ten days in advance of the date of sale. Such notice shall be in substantially the form set forth in Exhibit A attached hereto. 4. The City shall forthwith issue and sell $200,000 I•lunicipal Liquor Store Revenue Bonds of 1976 to be dated February 1, 1976, in accordance with the official notice of bond sale attached hereto as Exhibit B and in- corporated heroin by reference, and each and all of the teras P and conditions contained in said notice are hereby adopted as the terns and conlitions of said bonds and the sale thereof. 5. Said bonds and interest coupons appurtenant thereto shall be in substantially the following form: /t -i-7s 4(2- t UNITED STATES OF AMERICA STATE OF 14IIINESOTA WRIGRT COUNTY CITY OF MOUTICELLO No. $5,000 MUNICIPAL LIQUOR STORE REVENUE BOND OF 1976 KNOW ALL PERSONS BY THESE PRESENTS that the City of Monticello, WrI ght County, Minnesota, has obligated itself to pa;: to bearer without option of prepayment out of the Sinking and Interest Account of the Liquor Dispensary Fund of the City the principal sum of FIVE THOUSAND DOLLARS on the first day of February, 19_, and to pay interest thereon out of said account at the rate of hundredths percent (_%) per annur...: rain the date hereof until the principal is paid, In - taros: being payableAugust 1, 1976 and semiannually there- after on the first day of February and the first day of Augus: In each ,year, interest to maturity being represented by and psyable in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Principal and interest are payable at . or any successor Paying Agent duly appointed by the City, ifl any coin or currency of the United States of Amerl:a which at the time of payment is legal tender for publi: and private debts. This bond is one of an issue in the total principal amount of $200,000, all of like date and tenor, except as to aerial number, maturity and interest rate, which bond has been issued for the purpose of providing funds for the acquisition, cons tr a^tion and equipping ofa new off -sale liquor store to ra;1—lac the existing municipal liquor dispensary, and the said is and interest thereon are payable solely and excl:;ae.'aly out; 0f the Sinking and Interest Account of the Liqucr ZSapensury Fund of the City from the net revenues of the man iaipal liquor store, as provided by the resolution author..Zing the issuance of said bonds, and do not constitute - 3- /Z _HSN` a debt of the City within the meaning of any constitutional or statutory limitation of indebtedness. The bonds of this Issue are a first and prior lien upon the net revenues of the municipal liquor store of the City, except that the City is authorized to issue additional revenue obligations on a parity of lien with these bonds, under certain limited condi- tions, all as specified in the resolution authorizing this issue. The holders of 20% or more in aggregate principal amount of bonds and at any time outstanding may, either by law or in equity, by suit, action, or other proceedings, protect and enforce the rights of all holders of bonds then outstanding, or enforce and compel the performance of any and all of the - covenants and duties specified in the authorizing resolution Of the Council to be performed by the City or its officers and agents; provided, however, that nothing shall affect or impair the nigh. of any bondholder to enforce the payment of the principal of and interest on any bond at and after the maturity thereof, or the obligation of the City to pay the principal of and interest on each of the bonds issued to the respective holders thereof at the time and place, from the source and in the manrar provided in said bonds and the appurtenant coupon. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this bond, have been done, have happened and have been performed, in due form and manner as required by law; that the City of i:onticello will acquire, construct and furnish the new municipal liquor store pursuant to law, that the City will pay net revenue into the Sinking, and 'interest Accountand maintain in said account a sufficient amount to pay principal and interest as the same become due; and that the City will at all times maintain such operating policies as to produce revenues at least sufficient to meet the annual principal and interest requirements of this issue. IH WITNESS WHEREOF, the City of Monticello, Wright County, _,innesota, by its City Council has caused this bond to be executed iu its behalf by the signatures of the Mayor and the City Clerk and a printed facsimile of the corporate e«;1 �,f i:e City zo be heZ'oj1 ,rrinted and has caused the it:^• s.:lr. coupr�r:S ilQrewo aj:naxe.i to be executed and a.:-,hen- tw:are:3 ". the fa,..':nile alritatures of said officers, all as or ,!-,Ly Clcr•: Mayor /1-F-�aKe (,Fo M!of- Cp600n) ql� �th e f.!.rst day of August February) 19 unless the bo I nd describ"ed,_'below-is 6a:116a �f r:c'irli7eIT' redemption„ the, City 6'r �j.iorfti`cello Vri6k,'- ounty',, Mnqept,.J� ii -11 ti6a.rej out of the SI-rikin - ,and "I' firdst Account qV the Viquor''Dlspensary , I Fund' of ,the City at ,,or'any success p duly appointed 'by, the-,Pily, sum shm--in herein` ,.py,ing* Agent du, parliq r Stare Aiil�e�ue for interest„ tS,en,due 6ii: its tWnldi _' 0 Hdnds of 19fo, Vd. ditRd February, 1. /s/ 'Facsimile, /6-/. Tacsimile City Clerk, May.or' % ms 6. After award of sale of said bonds, the Clerk (� shall cause the printed 'bonds and coupons to be prepared, 1 which shall then be executed in behalf of the City by the signatures of the :-layor and Clerk and the corporate seal of the City, provided however that one such signature and the corporate seal may be printed facsimiles; such signing shall operate as ratification and confirmation of the printed, engraved or lithographed facsimile signatures. When so prepared and executed, the Clerk shall cause the bonds to be delivered to the purchaser thereof, upon payment to the Treasurer of the. City of the agreed purchase price, and the purchaser shall not, be obligated to .see to the use and application of the purchase price. 7. In order to provide for the proper administra- tion of all funds which will be derived from the operation of the liquor dispensary and in order to provide security for the bonds to be issued hereunder,, the City Treasurer shall establish and maintain a Liquor Dispensary' Fund with the following accounts: (a) A Buildinf! Construction Account, to which shall be credited all proceeds received from the sale of the bonds Tissued hereunder and any other amounts which may be appropriated for the purpose of acquir- ing, constructing and equipping an off -sale liquor store. The monoys therein shall be used solely for the purpose of paying for the costs thereof and any surplus shall be transferred to the Sinking and Interest Account hereinafter provided for. (b) An Oncration and Maintenance Account, to which shall be credited, as received, all receipts from the operation of the municipal liquor store. There shall be charged against such account all items of disbursement which by sound accounting practices constitute normal and reasonable costs of current opera- tion and maintenance of the dispensary. Such costa shall includo compensation for the manager and other necceoa ry employees, insurance, utill-ty S:!rvicec, casts of replacement of nc..1 and similar expense ttens. Thero ait_111 be r,;,*ained in -e31d account an gran.. :.olcl) be sufftvient to pay all antt.clpated expinJitures far such current opera,uls,n5 and t;aintenance for one month in advioce. Any, balance therein shall be dre;aed not reve,taes. -F- �t-P-�s'� 'J ( c ) A. SinlelnF, and Interest Account, to •which shall be credited on the first secular day of each calendar month, commencing on February 1, 1976, the amount of one -twelfth of the total amount of principal and interest due for sa°d bonds issued pursuant to this resolution for the ensuing twelve months, from the net revenues in the Operation and Maintenance Account, to pay principal and Interest on the bonds until said bonds and interest have been fully paid; provided that the City may credit against the payments re- quired to be made to the Sinking and Interest Account any earnings derived from the invest- ment of monies in the Sinking and Interest Account. (d) A Reserve Account, to which shall be credited on or before delivery of the bonds to the purchaser from cash on hand the sum of $27,000. The moneys consLituting the $27,000 reserve shall be used only to the extent necessary for the payment of principal of and Interest on said revenue bonds whenever other moneys in the Sinking and Interest Account are insufficient, therefor, and whenever co CA used said balance shall be restored by the transfer of additional moneys from the net revenues in the Operation and Maintenance Account. Any funds, Including interest earnings, in the Reserve Account in excess of $27,000 may be used for any proper corporate purpose. C All credits to the Sinking and Interest Account and the Reserve, Account shall be cumulativo, and in the event the net revenues are insufficient to make the credits required herein, the difference between the amount in fact credited and the amount required hereunder shall be made up out or the next available net revenues; provided, hoviever, that the moneys constituting the $27,000 reserve may be used to prepay bonds, when such prepayment will retire all bonds of this issue then outstanding, and provided furthor that said ac::anL shall terminate When there are sufficlent funds In the Sinking and Jntcrest Account to retire all outstanding bonds. Not rovenues not required for the foregoing, purpose shall be deemed surplus net revenues , and may be used for any other corporate purpose. -7- A 8. The City Cleric shall for accounting purposes maintin the Liquor Disp'•nsary Fund and accounts therein separate and apart, from all other accounts of the City. All funds may be invested in all legal investment:: for the City. Nothin herain shall prevent the commingling of funds credited to the Liquor Dispensary Fund in banic deposit accounts or in investment accounts of the City, to the extent deter- mined by the City Council to be necessary or desirable; pro- vided, however, that accurate records shall be kept at all times showing the proportion of the income from investment:: properly attributable to each fund and account, and such income shall be credited on the books of the City to the fund or account from which the investment was made. 9. The City reserves the right anti privilege of Issuing and selling refunding. bonds if Eaiti to the extent needed to refund maturing bonds of the issue herein author- ized, if moneys in the Sinking and Interest Account and Reserve Account are at any time insufficient for the payment in full of the principal and interest due thrreon, which refunding bonds shall be payable from said funds on a parity with this issue as to interest, but shall mature subsequent to all of the bonds payable 1'rom said funds which are to remain outstanding upon thin con.pleLlon of such refunding. 10. The City may authorize the issuance of addi- tional municipal liquor store revenue bonds or other obli- gations payable from the not revenueu of the liquor store and on a parity as to lien upon the earniu,;a of such dispen- sary with the bonds authorized to be istued hereunder, if, but only if, the not ravenuea derived from tho. o:inership and operation of said dispensary for the last completed fiscal year immediately prececlinp the date, of such additional issue shall have b,nn elunl to 1t• least 1.50 tines the average annual Interest and princil,ul ro.juiremento at' the bonds then out- standing and such additincal banda during thu remaining life of the bonds then outstanding. 11. The City hereby certiN u:, and represents to, and covenants and agrees with, the purchaser and holders from time to titan of each bond issued hereunder as follows: 1:.1. :•�• lCr:(; ;rt nn': of null bond:a are outstanding the silty w..- o, _'-wtand ol•er.o ion; Cr said disj�on ir; ;i. r, t„ lag 'It 111ty 3111 coNvenience, In the I%i:C,,'r' a:,',il _.i :na o,iv. imposel by OX SUW0. J!' h'. ` Of 11,e J•:,:,` of Mlntu• .o.;1, relating to eleot1a:75 .tr Lt,. 1„ itl of lw.txtrltlnn li item's, and wili not authori,•, t!:.r r,ltahili,'hr.oni: or operation sir any other -y- / 2 4-1 1'+L I .J establishment within the City for the off -sale of intoxica:*_n;; liquors at retail, and the City will maintain the dispensary buildir.;;, furnishings, equipment and merchand1sc in good condition, and free from all liens, provided that purchase money liens may be created on merchandise acquired for resale, or such merchandise may be acquired subject t o,llens existing at thetime of acquisition. 11.2. If any properties constituting capital assets of the dispensary shall be sold and disposed of, it shall be only at their fair market value, and the proceeds of such sale or disposition shall be used either to produce other capital assets for the dispensary or applied to pay principal of and interest on bonds issued hereunder. No such sale or sales shall be made at times or prices such as to imperil the prompt and full payment of the bonds issued hereunder and the interest thereon. 11.3. The City will procure and keep in force insurance on the dispensary building and the equipment and furnishings thereof and all stocks of merchandise, protecting against loss or damage by fire, tornado, windstorm, flood, theft and all other causes customarily insured against for like properties, in amounto sufficient to cover total loss thereof, and 'will procure and keep in force s uitablo fidelity bonds covering all employees handling moneys of the dispen- sary. The bond of the liquor store manager, and bonds of - other employees shall be in such amounts as the Council shall determine will be adequate to protect t -be City and the holders of bonds issued hereunder. t n the event Of loss covered by said insurance policies or bonds, the proceeds shall be used to repair or restore the damage or to retire bonds payable from the revenues of said dispen- sary. The City will further keep in force a liability Insurance policy (covering its operation of said dispensary). Said policy shall specifically provide for the payment by -the insurance company on behalf of the insured of all sums which the City shall be obligated to pay by reason of liability imposed upon it by law for injuries or damage to persons, other than employees, including 1 lability Imposed by reason of Minnesota Statutes, Sect ion 340.95. 11.4. The City shall continue its "bicluor Dispensary Fund" and catablish and continue therein the accounts specific,d in paragraph 7 hereof and its subdi- visions, and will cause proper and adequate books and records of account to be kept separate from all other record a of the City, reflecting all receipts and die- bursentn;ts relating to said dispensary and it a operation. -9- /1-F-)ria. All of said books and records, shall be open to inspection j and copying at all reasonable times by the holder of any r of sail bonds or his agent or attorney and the City will, without cost, furnish copies of' any portions thereof rea- sonably requested by any bondholder. The City will cause annual operating statements to be prepared and an independent audit of the books of the dispensary to be made by a competent public accountant, within ninety days after the close of such fiscal year, and will furnish a copy thereof without cost, upon request, to any bondholder. 0 11.5. The gross and net revenues of the dispen- sary will be used and applied only as prescribed in paragraph 7 hereof and its subdivisions. The City will at all times maintain operating policies concerning the purchase and sale of merchandise and do and perform all other acts and things necessary to assure that the net revenues col- lected will be at least sufficient to meet all payment of principal and interest on the bonds and to establish and maintain the reserve therefor above defined. 11.6. In the event that moneys in said "Liquor Dispensary Fund" shall at any time be insufficient to pay principal and interest then due on bonds issued hereunder, said money shall first be applied to pay the accrued inter- est on all such bonds then outstanding, and the balance shall be applied in payment of maturing principal, in order of the serial numbers, lowest numbers first, of the bonds which are then due and payable. 11.7 The appropriation and pledge of revenues hereinabove made to the Liquor Dispensary Fund and its subaccounts shall at all times constitute an irrevocable pledge and prior lion upon the net revenues of the municipal liquor store and appropriation for the benefit and security of the holder& of bonds issued hereunder, and the City will not is©ue any additional bonds or other evidences of indebted- ness or incur or suffer to be incurred any obligations pay- able from said revenues, except as expressly authorized in paragraphs 9 and 10. In any event all bonds issued on a parity with the bonds issued hereunder shall mature on February 1. 11.8. Each lend all of the foregoing provisions Of this ^eooluti,1n llhiah i:) any way tend to secure or assuro, prompt; r:.i full payr_nt of the principnl of and interest on bonin 2c3ard horc::nlo r wS11 Le promptly and faithfully per- farrol ,-.1 carriPl tho City and its officors and agents. -1C- X24-IS02 (( 11.9. The holders of 20% or more in aggregate principal amount of bonds under this resolution and at any time outstanaing may, either by law or in equity, by suit, .action, or other proceedings, protect and enforce the rights of all holders of bonds issued hereunder and then outstanding, or enforce and compel the performance of any and all of the ,covenants and duties herein specified to be performed by the City or its officers and agents; provided, however, that nothing herein shall affect or impair the right of any bondholder to enforce the payment of the principal of and interest on any bond at and after the maturity thereof, or the obligation of the City to pay the principal of and interest on each of the bonds issued hereunder to the respective holders thereof at the time and place, from the source and in the manner provided in said bonds and the appurtenant coupons. 11.10. The City has good and marketable title to the property comprising its municipal liquor dispensary. 12. ►•!lien all bonds issued under this resolution, and all coupons appertaining thereto, have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the holders of the .bonds shall cease and for purposes of this resolution such bonds shall no longer be deemed outstanding. The City may discharge all bonds and coupons which are due on any date by depositing with the paying agent for such bonds on or before that date a sum sufficient for the payment thereof in full; or if any bond or coupon should not be paid when due, it may nevertheless be discharged by depositing with the paying agent a sum sufficient for the payment thereof in full with Interest accrued to the date of such deposit. The City may also at any time discharge this issue of bonds in its entirety by com- plying with the provisions of Minnesota Statutes, Section 475.67, Subdivisions 4 to 11, and any amendments thereto, except that the funds deposited in escrow in accordance with said pro- visions may but need not be in whole or part proceeds of ad- vance refunding bonds. The City may discharge bonds and coupons as herein provided without the consent Of, any bond- holders. 13. The City Clerk is hereby authorized and dire2^.e9 to file copies of this resolution and the reso- lution:aviceptinL, the bid on the bonds with the County Auditor of Wright County and to obtain the certificate of said County Auditor that the bonds herein authorized have been duly registered in his Bond Register. -11- /1-F�s�L C 14. The officers of the City are hereby authorized and directed to prepare and furnishtothe purchaser of said bonds and to the attorneys approving the legality thereof, certified copies of such proceedings and records of the City relating to the authorization and issuance of said bonds, and the establishment of said dispensary, and affidavits and certificates as to all other matters appearing in their official records or otherwise known to them which shall be reasonably necessary to evidence the validity and market- ability of said bonds and all such certified copies, certificates and affidavits including any heretofore furnished,, shall constitute the representations of said City as to the truth of the statements contained therein. Member Denton Erickson seconded the motion for the adoption of the foregoing resolution and upon a vote being taken thereon, the following voted in favor thereof: All members and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. -12- n -t-W, STATE 074MINNESOTA' COUNTY JF WRIGHT CITY 0= :ONTICELLO : I , , the undersigned,, being the duly qualified and acting Clerk of the City of Monticello, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes of a meeting of. the City Council of said City held on the date therein indicated with the original .n,inutes on,file -in my office, and the same is a full, true and complete transcript therefrom insofar_ as, the same relates to a resolution calling for the isaunnec,and- ,putiiid pale of $200;009 Municlpal:Ciquor Store, Revenue; Bonds:.of ;1976,. WITNESS my hand,as. such.,Clerk ,and the official seal of the City thib,i:,►d day or . . 4 , 1975. City Clerk (SEAL); -13- J EXHIBIT A NOTICE OF BOND SALE $200,000 MUNICIPAL LIQUOR STORE REVENUE BONDS OF 1976 MONTICELLO, MINNESOTA These bonds will be offered Monday, January 12, 1976, at 7:30 P.M., C.S.T., at the City Hall in Monticello, Minnesota, dated February 1, 1976, the bonds will mature without right of prior redemption, on February 1 in the years and amount as follows: 1977-1981 - $15,000 1982-1985 - $20,000 198; - $45,000 All dates are inclusive. tjo rale of interest nor the net effective average rate of t^.e issue may exceed 7 per annum. An unqualified legal opinion will be furnished by Briggs and Morgan, Professional Associa.1on, of SL. Paul, Minnesota. The proceeds will be used to acquire, conStr'UCL and equtp a new off -sale liquor store in the City :o replace the existing municipal liquor dispensary. Dated: December 8, 1975 BY ORDER OF THE CITY COUNCIL /s/ Gary Wieher City Administrator C /L-j7rwj EXHIBIT B OFFICIAL NOTICE OF BOND SALE $200;000 MUNICIPAL LIQUOR STORE REVENUE BONDS OF 1976 CITY OF MONTICELLO (WRIGHT COUNTY) MINNESOTA These Bonds will be offered Monday. January 12, 1976, 7:30 P.M., C.S.T., at the City Hall in Monticello, Minnesota on the following terms: DATE AND INTEREST The Bonds will be dated February 1, 1976. Interest will be payable August 1, 1976, and each February 1, and August 1, thereafter. TYPE AND PURPOSE ke6otiable coupon, revenue bonds payable solely from net operating income of the City's municipal liquor store, in denominations of $5,000 each, unless other donomi- nations are requested by the Pur- chaser within 48 hours after the award. The proceeds will be used to acquire, construct and equip a new off -cele liquor store in the .City to replace the existing municipal liquor dispensary. MATURITIES AND REDEMPTION Febralry 1, in tho yenru aiti amounts, as 170110wl: 19:2-105 - W.000 1991 - $L51000 All dnt.os aro 1ne1;2i:1vV. All Bonds will be without right, of prior redemption. PAYING AGENT May be named by Bidder subject to Issuer's acceptance', which may be assumed unless the Pur- chaser is otherwise notified with. - In 24 hours after the Issuer has been advised of the proposed agent. Issuer will pay customary charges. 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 assign— ment of said numbers, they will ba printed on the Bonds, but, neither the failure to print such number on any 14)n1 nor auy error with respect thrrrto sf,•t11 constitute cause fcr failure .r rofusal by the Purchaser to accept delivery of the Bonds. le 2-P-71Nx I DELIVERY 71 :hin 40 days after award, subject �-_ the unclualifieJ approving legal opinion of Briggs and Morgan, Pro- fessional Association, of St. Paul, Minnesota, and customary closing papers, including a statement of nonlitigation. Bond printing and legal opinion will be paid for by the Issuer. Delivery will be at a place of the Purchaser's choice. Payment must be made in Federal Funds, or equivalent immediately available funds, on day of delivery. Legal opinion will be printed on the Bonds. TYPE OF BID Sealed bids for not less than $196,100 and accrued interest on the principal sum of $200,000 from the date of the Bonds to date of delivery must be filed with the undersigned prior to time of sale, together with a -rtified or cashier's checl: ',_ the amnunt of $0,000.00 payable to the order of the Treasurer of the Issuer, to be retained an liquidated damages if the Bidder fails to comply with the ac:.epteJ bid. i RATES All rates must be in integral multiples of 5/100 or 1/8 of 1N and may not exceed 7% per annun. All Bonds of the same maturity must bear a single rate from date of issue to maturity. Additional coupons may not be used. No limita- tion is placed upon the number of rates which may be specified. AWARD Award will be made on the basis of lowest dollar interest cost; determined by the addition of any discount to and 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 offering. The net effective average rate of the Issue may not exceed 7% per annum. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. Dated December 8, 1975 BY ORDER OF THE CITY COUNCIL Gary_Wieber City Administrator /L-P-ls0%