City Council Resolution 1996-22RESOLUTION 96- 22
Councilmember Stumpf introduced the following resolution and moved its
adoption:
RESOLUTION PROVIDING FOR THE SALE
OF AN AMOUNT NOT TO EXCEED
$470,000 GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS, SERIES 1996B
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 $470,000 General Obligation Tax Increment
Refunding Bonds, Series 1996B (the "Bonds"), 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_; Pro on sal 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 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 Stumpf, Shirley Anderson, Brad Fyle, Clint Herbst, Tom Perrault
Resolution 96- 22
Page 2
and the following voted against the same: none
Whereupon said resolution was declared duly passed and adopted.
-1 iL"_ nnll_ J___ _t`T?___ -1r% r%n
(SEAL)