City Council Resolution 1996-340 &.�h' q(�4 - -��
Extract of Minutes of Meeting of the
City Council of the City of Monticello,
Wright County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Council of the
City of Monticello, Minnesota, was duly held in the City Hall in the City of
Monticello, on Monday, June 24, 1996, commencing at 7:00 o'clock P.M.
The following members were present: Brad Fyle, Shirley Anderson,
Clint Herbst, Brian Stumpf, Tom Perrault
and the following were absent: None
Member Perrault introduced the following resolution and moved its
adoption:
RESOLUTION NO. 96-34
RESOLUTION PROVIDING FOR THE PREPAYMENT AND
REDEMPTION OF CERTAIN OUTSTANDING
GENERAL OBLIGATION BONDS OF THE CITY
BE IT RESOLVED By the City Council of the City of Monticello, Wright
County, Minnesota, as follows:
1. The City has issued and sold its General Obligation Improvement Bonds,
Series 1986A, dated August 1, 1986 ( Bonds) in the total principal amount of
$385,000. Bonds maturing on or after February 1, 1997, are subject to redemption
and prepayment on February 1, 1996 and on any interest payment date thereafter at
a price of par plus accrued interest.
8JB106492
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.esolution 96-34
Page 2
2. It is determined that it is in the best interests of the sound financial
management of the City that Bonds maturing on February 1 in the years 1997 to and
including 2002, comprising all of the Bonds subject to redemption, be prepaid and
redeemed on August 1, 1996 and those Bonds are hereby called for redemption on
that date.
3. The Administrator is authorized and directed to publish, in accordance
with law, a notice of call for redemption of the Bonds in the form attached hereto as
Exhibit A and to mail a copy of the notice to the registrar for the Bonds and to the
original purchaser of the Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by
Member Anderson , and upon vote being taken thereon, the following voted in
favor thereof: Brad Fyle, Shirley Anderson, Clint Herbst, Brian Stumpf
Tom Perrault
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
SJB106492
MN190-56
STATE OF MINNESOTA )
COUNTY OF WRIGHT ) SS.
CITY OF MONTICELLO )
I, the undersigned, being the duly qualified and acting Administrator of the
City of Monticello, Minnesota, do hereby certify that I have carefully compared the
attached and foregoing extract of minutes of a regular meeting of the City Council
held on Monday, June 24, 1996, with the original thereof on file in my office and the
same is a full, true and complete transcript therefrom insofar as the same relates to
the prepayment and redemption of $385,000 General Obligation Improvement Bonds,
Series 1986A, of the City.
WITNESS My hand as City Administrator and the corporate seal of the City this
22 day of
( SEAL)
SJB106492
MN190-56
July , 1996.
City Administror
City of Montice lo, Minnesota
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
$385,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1986A
CITY OF MONTICELLO,
WRIGHT COUNTY, 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
AUGUST 1, 1996
all outstanding Bonds of the City designated as General Obligation Improvement
Bonds, Series 1986A, dated August 1, 1986, and having stated maturity dates of
February 1 in the years 1997 through 2002, both inclusive, totaling $205,000 in
principal amount and with CUSIP numbers as shown below:
Maturity
Rate
CUSIP
1997
7.30%
614468
KM7
1998
7.40
614468
KN5
1999
7.50
614468
KPO
2000
7.60
614468
KQ8
2001
7.70
614468
KR6
2002
7.70
614468
KS4
The Bonds are being called at a price of par plus accrued interest to August
1, 1996 on which date all interest on the Bonds will cease to accrue.
Holders of the
eir Bonds for
Bonds hereby called for redemption are requested to present
payment at American Bank National Association (formerly known as American
National Bank and Trust Company), registrar and paying agent, in the City of St.
Paul, Minnesota, on or before August 1, 1996.
In compliance with the Interest and Dividend Compliance Act of 1983 and
Broker Reporting Requirements, the redeeming institution is required to withhold
a specified percentage of the principal amount of your holdings redeemed unless they
are provided with your social security number or federal employer identification
number, properly certified. This Compliance should be fulfilled through the
submitting of a W-9 Form which may be obtained at a Bank or other Financial
Institution.
SJB106492
MN190-56
The Registrar will not be responsible for the selection or use of the CUSIP
number, nor is any representation made as to its correctness indicated in the
Redemption Notice. It is included solely for the convenience of the Holders.
Dated: June 24 , 1996
BY ORDER OF THE CITY COUNCIL
/ s / Rick Wolf steller
City Administrator
SJB106492
MN190-56
Ehlers and Associates, Inc.
LEADERS IN PUBLIC F I N A N C E
July 10, 1996
Rick Wolfsteller
City Administrator/Finance Director
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
Re: General Obligation Improvement Bonds, Series 1986A, dated August 1, 1986
City of Monticello, Minnesota
Dear Mr. Wolfsteller:
In connection with the refunding of the above issue, enclosed are three copies of a resolution approving the
call for redemption of the above bonds for August 1, 1996. This resolution should be presented for approval
at your next City Council meeting. After the meeting, please complete the blanks in the resolution and return
two copies to our office in the enclosed envelope and keep one copy for your files.
Also, enclosed for your records are copies of the letters sent to the Paying Agent (with copy of call notice
attached) and other informational services which provide information regarding notices of redemption and an
affidavit of the publication of the Notice of Redemption as required by the resolution.
If you have any questions, please call.
Sincerely,
EHLERS AND ASSOCIATES, INC.
Debra Eller
Enclosures
OFFICES IN MINNEAPOLIS, MN AND BROOKFIELD, WI
2950 Norwest Center . 90 South Seventh Street . Minneapolis, MN 55402-4100
Telephone 612-339-8291 . FAX 612-339-0854