City Council Resolution 1998-46Resolution No. 98-46
Council Member Roger Carlson _ introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$3,000,000 General Obligation Improvement Bonds, Series 1998A
$515,000 General Obligation Water System Bonds, Series 1998B
$6,960,000 Public Project Revenue Bonds, Series 1998
WHEREAS, the City Council of the City 000 General Obligation Impro verve t1BondsaSeries
necessary and desirable to issue the City's $3,000,
1998A to finance City costs associated with public improvement projects; and
WHEREAS, the City Council has determined t Bonds Series 998B toerefinance the $1 1001000
$515,000 General Obligation Water System Refunding
General Obligation Water System Bonds, Series 1988B; and
WHEREAS, the City Council has determi 1998 of the Monticell Housing and Redevelopment
$6,960,000 Public Project Revenue Bonds, Senes
Authority (the "HRA") and to enter into a lease purchase agreement with the HRA to provide funding for
the construction and equipping of the Community Center project (collectively all issues referred to as "the
Bonds"); and
WHEREAS, the City has retained Ehlers & A h°Cefore~authorizedoto sol ci proposals inEhlers"), as
its independent financial advisor for the Bonds and is
accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE )T RESOLVED by the City Council of City of Monticello, Minnesota,
as follows:
1, Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for the
sale of the Bonds.
2 HRA Action. The City Council hereby request96 a0 0 PublicProje~ Revenue Bonds, Serie
adopt a resolution calling for the sale of the $6, ,
1998 pursuant to the Terms of Proposal as described in the Bond Sale Report dated October 12,
1998.
3, Meeting' Provosal Oyenin~. The City Couneilnhsealed troposals for, and awarding the s le of the
Terms of Proposal for the purpose of considen g P
Bonds. The City Clerk, or designee, shall open proposals at the time and place specified in such
Terms of Proposal.
4. 'Terms of Provosal. The terms and conditions of t S Ble Re ort dated October 21998 y set forth
in the Tenns of Proposal as described in the Bond P
5, Official Statement. In connection with said saleate in the a reparation of an off ci 1st tement for
authorized to cooperate with Ehlers and partictp P
the Bonds and to execute and deliver it on behalf of the City upon its completion.
Resolution 98-46
Page 2
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Bruce Thielen and, after full discussion thereof and upon a vote being taken thereon, the
following Council Members voted in favor thereof:
Roger Carlson, Bruce Thielen, Bill Fair
and the following voted against the same: Clint xerbst, Brian Stumpf
Whereupon said resolution was declared duly passed and adopted.
Dated this 12th day of October, 1998.
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City Clerk