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City Council Resolution 1996-21RESOLUTION 96- 21 Councilmember Stumpf introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE SALE OF AN AMOUNT NOT TO EXCEED $1,050,000 GENERAL OBLIGATION, SERIES 1996A A. WHEREAS, the City Council of the City of Monticello, Minnesota, has heretofore determined that it is necessary and expedient to issue in an amount not to exceed the City's $1,050,000 General Obligation Bonds, Series 1996A (the "Bond"), to finance various improvements within the City and to refinance certain outstanding general obligations of the City; and B. WHEREAS, the City has retained Ehlers and Associates, Inc., in Minneapolis, Minnesota ("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); NOW, THEREFORE, BE IT 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. Meeting; Proposal Opening. The City Council shall meet at the time and place to be specified in the Terms of Proposal for the purpose of considering sealed proposals for, and awarding the sale of, the Bonds. The City Administrator, or designee, shall open proposals at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are to be fully set forth in the "Terms of Proposal." 4. Official Statement. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Anderson and, after full discussion thereof and upon a vote being taken thereon, the following Council members voted in favor thereof- Brian hereof Brian Stumpf, Shirley Anderson, Brad Fyle, Clint Herbst, Tom Perrault Resolution 96- 21 Page 2 and the following voted against the same: none Whereupon said resolution was declared duly passed and adopted. Dated this 28th day of May, 1996. City Administratb� (SEAL)