City Council Resolution 2008-45City of Monticello
RESOLUTION #200845
RESOLUTION APPROVING ISSUANCE OF TELECOMMUNICATIONS R]E
BONDS (FIBERNET MONTICELLO PROJECT), SERIES 2008 IN AN AGGREGATE
PRINCIPAL AMOUNT OF UP TO $27,000,000 AND AUTHORIZING THE EXEC UTION
�
AND DELIVERY OF AN INDENTURE OF TRUST, A BOND PURCHASE
AGREEMENT', A CONTINUING DISCLOSURE AGREEMENT, A SUPPLEMENTAL
AGREEMENT, A PRELIMINARY OFFICIAL STATEMENT, A SUPPLEMENT TO
PRELIMINARY OFFICIAL STATEMENT,
CERTAIN DOCUMEN IN - STATEMENT
RELATED T , AND
THERETO
WHEREAS, the City Council has determined that it is necessary and expedient that
the City issue its Telecommunications Bonds (Fibernet Monticello Proiect _
2008 in an aggregate principal amount of up to $27, t-0-3,000 (the "Bonds'' to�fi )' Series
construction of a "fiber -to -the- premisesnance the
"Pro
premises" broadband communications network in the City (the
J ) pursuant to the terms of an Indenture of Trust to be entered into between the City
and 'Wells Fargo Bank, National Association (the "Trustee,) (the ,Indenture,); and
WHEREAS, there has been presented to this Council a preliminary
dated as of May 5, 2008 (the "Preliminary Official Statement" and Official Statement
to Preliminary Official Statement dated as of June 3 2008 (the "Supplement to Prel�leme y
Official Statement"), forms of an Indenture, the Bond Purchase A teary
and Oppenheimer & Co. Inc (the "Bond P=haSe Agreement-
Bonds, greement between the City
a Supplemental Agreement between the City ) providing for the sale of the
Continuing Disclosure Oppenheimer & Co., Inc. and the
Disclosure Agreement"). between the City and the Trustee (the "Continuing
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota, as follows:
L The City is hereby authorized to issue the Bonds in an aggregate
amount not to exceed $27,OQ0,000, in the form and upon the terms set forth in the indentRpro
which terms are for this Purpose incorporated in this resolution (the "Final Resolu#io '
n and
made a part hereof, provided, however, that the maturities of the Bonds, the interest rates
thereon, the numbering, and the rights of optional redemption with respect thereto
as set forth in the final forms of In shall all be
the Mayor and City Administrator, and Bond Purchase Agreement to be approved
tY dministrator, in consultation with Springsted Inco ted; by
Provided further that, in no event, shall such maturities exceed 25 Incorporated; and
interest exceed 7.50% per annum, The Bond YT's or such rates of
maximum underwriting Purchase Agreement may provide for a
ting discount or commitment of 1.425% of the principal
amount of Bonds. The lVaayor and City Clerk air authorized to
Prescribed in the Indenture and to deliver them to the Trustee, together with a the
ertified� as
of this Final Resolution and the other documents required by the Indenture, SPY
authentication, registration and delivery to the Underwriter. for
�z
2. The forms of Indenture, the Continuing Disclosure Agreement, the Bond
Purchase Agreement, the Supplemental Agreement (the "Bond Docuffients'�, the Preliminary
Official Statement and the Supplement to Preliminary Official Statement are hereby
approved, and following pricing approval, the Mayor and the City Clerk are authorized to
execute and deliver the Bond Documents on behalf of the City, in substantially the forms on
file, but with all such changes therein, not inconsistent with applicable law, as may be
approved by the officials executing the same, which execution shall constitute conclusive
evidence of the approval thereof, The Bond Documents constitute contractual obligations of
the City.
3. Preparation and distribution of an Official Statement (the ',official Statement" ), in substantially the same form as the Preliminary Official Statement, as
supplemented by the Supplement to Preliminary Offcial Statement, is hereby approved.
4. The Mayor, City Administrator and City Clerk are authorized and directed to
preps and furnish to the purchaser and to the attorneys approving the Bonds certified copies
of all proceedings and records relating to the Bond Documents, the Preliminary Official
Statementto the , the Supplement to Preliminary Official Statement and the Official Statement and
right, power and authority of the City and its officers to execute and deliver the same,
and said certified copies and certificates shall be deemed the representations of the City as to
all matters stated therein.
5. The Mayor, the City- Administrator and o9w City 806,118 the
Finance Director are authorized and directed to take all other actions and do all other things gs
necessary to assure the expeditious completion of the construction of the Project and the
financing thereof as contemplated hereby and to pay all fees and expenses incurred in
connection with the transaction.
The motion for the adoption of the foregoing resolution was duly seconded by
Member Mayer, and upon vote being taken thereon the following voted in favor thereof.
Clint Herbst, Brian Stumpf, Wayne Mayer, Susie Wojchouski, and Tom Perrault,
and the following voted against the same; None; whereupon said resolution was declared
duly passed and adopted.
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