City Council Resolution 2017-44CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION BONDS, SERIES 2017A
ISSUER: City of Monticello, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, July 24, 2017, at 6:30 p.m., in the City Offices
MEMBERS PRESENT: Davidson, Fair, Gabler, Hilgart, and Stumpf
MEMBERS ABSENT: None
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION 2017-44
RESOIIUT' ON APPROVING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2017A
1, the undersigned, being the duly qualified and acting recording officer of the public corporation
issuing the obligations referred to in the title of this certificate, certify that the documents
attached hereto, as described above, have been carefully compared with the original records of
said corporation in my legal custody, from which they have been transcribed; that said
documents are a correct and complete transcript of the minutes of a meeting of the governing
body of said corporation, and correct and complete copies of all resolutions and other actions
taken and of all documents approved by the governing body at said meeting, so far as they relate
to said obligations; and that said meeting was duly held by the governing body at the time and
place and was attended throughout by the members indicated above, pursuant to call and notice
of such meeting given as required by law.
WITNESS MY HAND officially as such recording officer on July 24, 2017.
OiClerk4
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF MONTICELLO, STATE OF MINNESOTA
HELD: Monday, July 24, 2017
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Monticello, State of Minnesota, was duly held on Monday, July 24, 2017 at 6:30 p.m.
Member Fair introduced the following resolution and moved its
adoption:
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2017A
BE IT RESOLVED by the City Council of the City of Monticello, Minnesota (herein, the
"City"), as follows:
I . The City Council hereby finds and declares that it is necessary and expedient for the City
to sell and issue its fully registered general obligation bonds in the total aggregate
principal amount not to exceed $5,000,000 (herein, the "Bonds"). The proceeds of the
Bonds will be used to finance infrastructure improvements and associated street
improvements and the costs of issuing the Bonds.
2. The City Council desires to proceed with the sale of the Bonds by direct negotiation with
Northland Securities, Inc. (herein, "NSI"). NSI will purchase the Bonds in an arm's-
length commercial transaction with the City.
3. The Mayor and City Administrator are hereby authorized to approve the sale of the
Bonds in an aggregate principal amount not to exceed $5,000,000 and to execute a bond
purchase agreement for the purchase of the Bonds with NSI, provided the true interest
cost is less than 3.50%.
4. Upon approval of the sale of the Bonds by the Mayor and the City Administrator, the
City Council will take action at its next regularly scheduled or special meeting thereafter
to adopt the necessary approving resolutions as prepared by the City's bond counsel.
5. NSI is authorized to prepare an Official Statement related to the sale of the Bonds.
6. if the Mayor and the City Administrator have not approved the sale of the bonds to NST
and executed the related bond purchase agreement by December 31, 2017, this resolution
shall expire.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Hilgart , and upon vote being taken thereon, the following voted in favor thereof:
Davidson, Fair, Gabler, Hilgart, and Stumpf
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.