City Council Resolution 2018-99EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF MONTICELLO, MINNESOTA
Held: December 10, 2018
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 December 10, 2018, at
6:30 P.M.
The following members were present: Davidson, Fair, Gabler, Hilgart, and Stumpf
and the following members were absent: None
Member Gabler introduced the following resolution and moved its adoption:
RESOLUTION 2018-99
RESOLUTION CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BONDS, SERIES 2010A
WHEREAS:
A. The City Council of the City of Monticello, Minnesota issued $3,255,000 General
Obligation Improvement and Refunding Bonds, Series 2010A, dated September 14, 2010; and
B. All of said bonds maturing on February 1, 2020 and 2021 are subject to redemption,
in whole or in part, and prepayment at the option of the City on February 1, 2019, and on any
date thereafter at par plus accrued interest, all as provided in the resolution of the City
authorizing the issuance of said bonds; and
C. The City deems it desirable and in the best interest of the City to call $590,000 of the
outstanding bonds maturing in the years 2020 and 2021, for redemption on February 1, 2019, in
accordance with said resolution authorizing the issuance of said bonds, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota as follows:
1. $590,000 of the General Obligation Improvement and Refunding Bonds, Series
2010A, dated September 14, 2010, of the City of Monticello, Minnesota, maturing in the years
2020 and 2021, shall be redeemed and prepaid on February 1, 2019, at 100% of their principal
amount plus accrued interest for each such bond called.
2. The City Finance Director is hereby authorized and directed to give mailed notice of
call to the bank where said bonds are payable and said bank shall provide such notice to the
holders of the bonds as may be required by law. Said notice shall be in substantially the attached
form.
3. The City Finance Director is hereby authorized and directed to deposit with the bank
where said bonds are payable prior to said call date sufficient funds 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
Davidson and upon a vote 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.
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF MONTICELLO
I, the undersigned, being the duly qualified and acting City 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 December 10, 2018.
City Vinance Director
(SEAL)
NOTICE OF CALL FOR REDEMPTION
GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BONDS, SERIES 2010A
DATED: SEPTEMBER 14, 2010
CITY OF SAUK MONTICELLO, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Monticello, Minnesota,
there have been called for redemption and prepayment on
FEBRUARY 1, 2019
those outstanding bonds of the City designated as General Obligation Improvement and Refunding
Bonds, Series 2010A, dated September 14, 2010, having the stated maturity dates of 2020 and 2021,
totaling $590,000 in principal amount and with the following CUSIP numbers:
Maturity Principal Amount CUSIP
2020 $29000 614468C20
2021 300,000 614468C38
The bonds are being called for redemption at a price of 100% of their principal amount plus accrued
interest to February 1, 2019, on which date all interest on said bonds will cease to accrue. Holders of the
bonds hereby called for redemption are requested to present their bonds for payment to Bond Trust
Services Corporation, 3060 Centre Pointe Drive, Roseville, Minnesota 55113, on or before February 1,
2019.
Dated: December 10, 2018
BY ORDER OF THE CITY COUNCIL
/s/ Wayne Oberg
City Finance Director
Important Notice: In compliance with the Economic Growth and Tax Relief reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time of the payment by the redeeming institutions if they are not provided with your social security
number or federal employer identification number, properly certified. This requirement is fulfilled by
submitting a W-9 Form, which may be obtained at a bank or other financial institution.
Additional Information may be obtained from:
NORTHLAND SECURITIES, INC.
150 South 511' Street, Suite 3300
Minneapolis, Minnesota 55402
Attn: Public Finance
Phone: 612-851-5900 or 800-851-2920