City Council Resolution 1992-36After due consideration of the bids, Member Shirley Anderson then
introduced the following written resolution and moved its adoption:
RESOLUTION NO. 92-36
A RESOLUTION AWARDING THE SALE OF $535,000
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1993A;
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
PROVIDING FOR THEIR PAYMENT; AND PROVIDING
FOR THE REDEMPTION OF
BONDS REFUNDED THEREBY.
BE IT RESOLVED By the City Council of the City of Monticello, Wright
County, Minnesota ( City) as follows:
Section 1. Sale of Bonds.
1.01. The proposal of Park Investment Corporation (Purchaser)
to purchase $535,000 General Obligation Refunding Bonds, Series 1993A (Bonds) of
the City described in the Official Terms of Proposal thereof is determined to be the
highest and best proposal received and is accepted, the bid being to purchase the
Bonds at a price of $ 532,238.25 plus accrued interest to date of delivery, for
Bonds bearing interest as follows:
Year of
Maturity
1994
1995
Interest
Rate
3.00%
3.50%
Net effective interest rate: 3.9673 %
Year of
Maturity
1996
1997
Interest
Rate
4.00%
4.00%
1.02. The sum of $ 2,588.25 being the amount bid by the Purchaser in
excess of $529,650 is credited to the debt service account hereinafter created. The
City Administrator is directed to retain the good faith check of the Purchaser,
pending completion of the sale of the Bonds, and to return the good faith checks of
the unsuccessful proposers forthwith. The Mayor and City Administrator are
directed to execute a contract with the Purchaser on behalf of the City.
1.03. The City will forthwith issue and sell the Bonds in the total principal
amount of $535,000 originally dated January 1, 1993, in the denomination of $5,000
each or any integral multiple thereof, numbered No. R-1, upward, bearing interest
as above set forth, and which mature serially on February 1 without option of prior
payment in the years and amounts as follows:
Year
Amount
Year
Amount
1994
$150,000
1996
$130,000
1995
150,000
1997
105,000
1.04. No Optional Redemption. The Bonds are not subject to payment in
advance of their respective stated maturity dates.
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Section 2 . Registration and Payment.
2.01. Registered Form. The Bonds shall be issued only in fully registered
form. The interest thereon and, upon surrender of each Bond, the principal amount
thereof, is payable by check or draft issued by the Registrar described herein.
2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last
interest payment date preceding the date of authentication to which interest on the
Bond has been paid or made available for payment, unless (i) the date of
authentication is an interest payment date to which interest has been paid or made
available for payment, in which case such Bond shall be dated as of the date of
authentication, or (ii) the date of authentication is prior to the first interest
payment date, in which case such Bond will be dated as of the date of original issue.
The interest on the Bonds is payable on February 1 and August 1 of each year,
commencing August 1, 1993, to the owner of record thereof as of the close of
business on the fifteenth day of the immediately preceding month, whether or not
such day is a business day.
2.03. Registration. The City will appoint, and shall maintain, a bond
registrar, transfer agent, authenticating agent and paying agent (Registrar) . The
effect of registration and the rights and duties of the City and the Registrar with
respect thereto are as follows:
(a) Register. The Registrar must keep at its principal corporate
trust office a bond register in which the Registrar provides for the
registration of ownership of Bonds and the registration of transfers and
exchanges of Bonds entitled to be registered, transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly
endorsed by the registered owner thereof or accompanied by a written
instrument of transfer, in form satisfactory to the Registrar, duly executed
by the registered owner thereof or by an attorney duly authorized by the
registered owner in writing, the Registrar will authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Bonds
of a like aggregate principal amount and maturity, as requested by the
transferor. The Registrar may, however, close the books for registration of
any transfer after the fifteenth day of the month preceding each interest
payment date and until such interest payment date.
(c) Exchange of Bonds. When Bonds are surrendered by the
registered owner for exchange the Registrar will authenticate and deliver one
or more new Bonds of a like aggregate principal amount and maturity, as
requested by the registered owner or the owner's attorney in writing.
(d) Cancellation. Bonds surrendered upon any transfer or exchange
will be promptly cancelled by the Registrar and thereafter disposed of as
directed by the City.
(e) Improper or Unauthorized Transfer. When a Bond is presented
to the Registrar for transfer, the Registrar may refuse to transfer the Bond
until the Registrar is satisfied that the endorsement on the Bond or separate
instrument of transfer is valid and genuine and that the requested transfer
is legally authorized. The Registrar will incur no liability for the refusal, in
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MN190-39 3
good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat
the person in whose name a Bond is registered in the bond register as the
absolute owner of the Bond, whether the Bond is overdue or not, for the
purpose of receiving payment of, or on account of, the principal of and
interest on the Bond and for all other purposes, and payments so made to a
registered owner or upon the owner's order will be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent of the sum or
sums so paid.
(g) Taxes, Fees and Charges. For a transfer or exchange of Bonds,
the Registrar may impose a charge upon the owner thereof sufficient to
reimburse the Registrar for any tax, fee or other governmental charge
required to be paid with respect to the transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes
mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond
of like amount, number, maturity date and tenor in exchange and substitution
for and upon cancellation of the mutilated Bond or in lieu of and in
substitution for any Bond destroyed, stolen or lost, upon the payment of the
reasonable expenses and charges of the Registrar in connection therewith;
and, in the case of a Bond destroyed, stolen or lost, upon filing with the
Registrar of evidence satisfactory to it that the Bond was destroyed, stolen
or lost, and of the ownership thereof, and upon furnishing to the Registrar
of an appropriate bond or indemnity in form, substance and amount
satisfactory to it and as provided by law, in which both the City and the
Registrar must be named as obligees. Bonds so surrendered to the Registrar
will be cancelled by the Registrar and evidence of such cancellation must be
given to the City. If the mutilated, destroyed, stolen or lost Bond has
already matured or been called for redemption in accordance with its terms it
is not necessary to issue a new Bond prior to payment.
2.04. Appointment of Initial Regaistrar. The City appoints
American National Bank and Trust Company , Saint Paul , Minnesota, as the initial
Registrar. The Mayor and the City Administrator are authorized to execute and
deliver, on behalf of the City, a contract with the Registrar. Upon merger or con-
solidation of the Registrar with another corporation, if the resulting corporation is
a bank or trust company authorized by law to conduct such business, such
corporation is authorized to act as successor Registrar. The City agrees to pay the
reasonable and customary charges of the Registrar for the services performed . The
City reserves the right to remove the Registrar upon 30 days' notice and upon the
appointment of a successor Registrar, in which event the predecessor Registrar must
deliver all cash and Bonds in its possession to the successor Registrar and must
deliver the bond register to the successor Registrar. On or before each principal
or interest due date, without further order of this Council, the Finance Director of
the City must transmit to the Registrar moneys sufficient for the payment of all
principal and interest then due.
2.05. Execution, Authentication and Delivery. The Bonds will be prepared
under the direction of the Finance Director and executed on behalf of the City by the
signatures of the Mayor and the City Administrator, provided that all signatures may
be printed, engraved or lithographed facsimiles of the originals. In case any officer
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NK190-39 4
whose signature or a facsimile of whose signature appears on the Bonds ceases to be
such officer before the delivery of any Bond, such signature or facsimile will
nevertheless be valid and sufficient for all purposes, the same as if the officer had
remained in office until delivery. Notwithstanding such execution, a Bond will not
be valid or obligatory for any purpose or entitled to any security or benefit under
this Resolution unless and until a certificate of authentication on the Bond has been
duly executed by the manual signature of an authorized representative of the Regis-
trar. Certificates of authentication on different Bonds need not be signed by the
same representative. The executed certificate of authentication on each Bond is
conclusive evidence that it has been authenticated and delivered under this Resolu-
tion. When the Bonds have been so prepared, executed and authenticated, the
Finance Director shall deliver the same to the Purchaser upon payment of the pur-
chase price in accordance with the contract of sale heretofore made and executed,
and the Purchaser is not obligated to see to the application of the purchase price.
2.06. Temporary Bonds. The City may elect to deliver in lieu of printed
definitive Bonds one or more typewritten temporary Bonds in substantially the form
set forth in Section 3 with such changes as may be necessary to reflect more than one
maturity in a single temporary bond. Upon the execution and delivery of definitive
Bonds the temporary Bonds will be exchanged therefor and cancelled.
Section 3. Form of Bond.
3.01. The Bonds will be printed in substantially the following form:
[ Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF MONTICELLO
GENERAL OBLIGATION REFUNDING BOND, SERIES 1993A
Nominal Date of
Rate Maturity Original Issue CUSIP
January 1, 1993
No.
$
The City of Monticello, Minnesota, a duly organized and existing municipal
corporation in Wright County, Minnesota (City), acknowledges itself to be indebted
and for value received promises to pay to
or registered assigns, the principal sum of $ on the maturity date
specified above without option of prior payment, with interest thereon from the date
hereof at the annual rate specified above, payable February 1 and August 1 in each
year, commencing August 1, 1993, to the person in whose name this Bond is regis-
tered at the close of business on the fifteenth day (whether or not a business day)
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MN190-39 5
of the immediately preceding month. The interest hereon and, upon presentation
and surrender hereof, the principal hereof are payable in lawful money of the United
States of America by check or draft by ,
Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating
Agent, or its designated successor under the Resolution described herein. For the
prompt and full payment of such principal and interest as the same respectively
become due, the full faith and credit and taxing powers of the City have been and
are hereby irrevocably pledged.
The City Council has designated the Bonds as "qualified tax exempt obliga-
tions" within the meaning of Section 265 (b) (3) of the Internal Revenue Code of 1986,
as amended ( the Code) relating to disallowance of interest expense for financial
institutions and within the $10 million limit allowed by the Code for the calendar year
of issue.
Additional provisions of this Bond are contained on the reverse hereof and
such provisions for all purposes have the same effect as though fully set forth in
this place.
This Bond is not valid or obligatory for any purpose or entitled to any
security or benefit under the Resolution until the Certificate of Authentication
hereon has been executed by the Bond Registrar by manual signature of one of its
authorized representatives.
IN WITNESS WHEREOF, the City of Monticello, Wright County, Minnesota, by
its City Council, has caused this Bond to be executed on its behalf by the facsimile
signatures of the Mayor and City Administrator and has caused this Bond to be dated
as of the date set forth below.
DATED:
CITY OF MONTICELLO MINNESOTA
( facsimile) ( facsimile )
Mayor Administrator
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned
within.
By
Authorized Representative
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1+190-39 6
[ Reverse of Bond]
This Bond is one of an issue in the aggregate principal amount of $535, 000 all
of like original issue date and tenor, except as to number, maturity date and interest
rate, all issued pursuant to a resolution adopted by the City Council on December
14, 1993 (the Resolution), for the purpose of providing money to refund in advance
of maturity of the outstanding principal amount of certain general obligation bonds
of the City, pursuant to and in full conformity with the Constitution and laws of the
State of Minnesota, including Minnesota Statutes, Sections 475.67, Subdivisions 4
through 12, and the principal hereof and interest hereon are payable from ad
valorem taxes, as set forth in the Resolution to which reference is made for a full
statement of rights and powers thereby conferred. The full faith and credit of the
City are irrevocably pledged for payment of this Bond and the City Council has
obligated itself to levy ad valorem taxes on all taxable property in the City in the
event of any deficiency in taxes pledged, which taxes may be levied without
limitation as to rate or amount. The Bonds of this series are issued only as fully
registered Bonds in denominations of $5, 000 or any integral multiple thereof of single
maturities.
As provided in the Resolution and subject to certain limitations set forth
therein, this Bond is transferable upon the books of the City at the principal office
of the Bond Registrar, by the registered owner hereof in person or by the owner's
attorney duly authorized in writing upon surrender hereof together with a written
instrument of transfer satisfactory to the Bond Registrar, duly executed by the
registered owner or the owner's attorney; and may also be surrendered in exchange
for Bonds of other authorized denominations. Upon such transfer or exchange the
City will cause a new Bond or Bonds to be issued in the name of the transferee or
registered owner, of the same aggregate principal amount, bearing interest at the
same rate and maturing on the same date, subject to reimbursement for any tax, fee
or governmental charge required to be paid with respect to such transfer or
exchange.
The City and the Bond Registrar may deem and treat the person in whose name
this Bond is registered as the absolute owner hereof, whether this Bond is overdue
or not, for the purpose of receiving payment and for all other purposes, and neither
the City nor the Bond Registrar shall be affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all
acts, conditions and things required by the Constitution and laws of the State of
Minnesota to be done, to exist, to happen and to be performed preliminary to and in
the issuance of this Bond in order to make it a valid and binding general obligation
of the City in accordance with its terms, have been done, do exist, have happened
and have been performed as so required, and that the issuance of this Bond does not
cause the indebtedness of the City to exceed any constitutional or statutory
limitation of indebtedness.
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MN190-39 7
(Form of certificate to be printed on the reverse side of each Bond, following
a full copy of the legal opinion.)
I certify that the above is a full, true and correct copy of the legal opinion
rendered by bond counsel on the issue of Bonds of the City of Monticello, which
includes the within Bond, dated as of the date of delivery of and payment for the
Bonds.
( Facsimile Signature)
City Administrator
The following abbreviations, when used in the inscription of the face of this
Bond, shall be construed as though they were written out in full according to
applicable laws or regulations:
TEN COM -- as tenants UNIF GIFT MIN ACT Custodian
in common (Gust) (Minor)
TEN ENT -- as tenants under Uniform Gifts or
by entireties Transfers to Minors
JT TEN -- as joint tenants with
right of survivorship and Act . . . . . . . . . . . .
not as tenants in common ( State)
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and
all rights thereunder, and does hereby irrevocably constitute and appoint
attorney to transfer the said Bond on the
books kept for - gistration of the within Bond, with full power of substitution in the
premises.
Dated:
Notice: The assignor's signature to this assignment must correspond
with the name as it appears upon the face of the within Bond in
every particular, without alteration or any change whatever.
Signature Guaranteed:
Signature (s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
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MN190-39 8
The Bond Registrar will not effect transfer of this Bond unless the information
concerning the assignee requested below is provided.
Name and Address:
( Include information for all joint owners if
this Bond is held by joint account)
Please insert social security or other
identifying number of assignee
3.02. The City Administrator is authorized and directed to obtain a copy of
the proposed approving legal opinion of Holmes & Graven, Chartered, Minneapolis,
Minnesota, which is to be complete except as to dating thereof and cause the opinion
to be printed on each Bond, together with a certificate to be signed by the facsimile
signature of such City Administrator in substantially the form set forth in the form
of Bond. The City Administrator is authorized and directed to execute the
certificate in the name of the City upon receipt of the opinion and to file the opinion
in the City offices. I
Section 4. Payment: Security: Pledges and Covenants.
4.01. (a) The Bonds are payable from the General Obligation Refunding
Bonds, Series 1993A Debt Service Fund (Debt Service Fund) hereby created,
and the proceeds of ad valorem taxes hereinafter levied (Taxes).
(b) The debt service funds, if any, heretofore established for the
Refunded Bonds shall be terminated following the payment on February 1,
1993 of the outstanding principal amount of the Refunded Bonds, and any
monies therein shall be transferred to the Debt Service Fund herein created.
If any payment of principal or interest on the Bonds shall become due when
there is not sufficient money in the Debt Service Fund to pay the same, the
Finance Director shall pay such principal or interest from the general fund of
the City, and the general fund shall be reimbursed for such advances out of
the proceeds of the Taxes levied by this resolution.
4.02. For the purpose of paying the principal of and interest on the Bonds,
there is hereby levied a direct annual irrepealable ad valorem tax upon all of the
taxable property in the City, which shall be spread upon the tax rolls and collected
with and as part of other general taxes of the City. Such tax shall be credited to the
Debt Service Fund above provided and shall be in the years and amounts as follows
(year stated being year of levy for collection the following year) :
Year Levy Year Lev
1993 1799284 1995 146,370
1994 1729883 1996 1149660
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MN190-39 9
4.03. The City Administrator is directed to file a certified copy of this
resolution with the County Auditor and to obtain the certificate required by Section
475.63 of the Act .
4.04. It is hereby determined that upon the receipt of proceeds of the Bonds
(Proceeds) that an irrevocable appropriation to the debt service fund for the
Refunded Bonds shall have been made within the meaning of Section 475.61,
Subdivision 3 of Minnesota Statutes, as amended, and the City Administrator is
hereby authorized and directed to certify such fact to and request the County
Auditor to cancel any and all tax levies made by the resolution authorizing and
approving the Refunded Bonds.
4.05. It is hereby determined that the estimated collection of the foregoing
Taxes will produce at least five percent in excess of the amount needed to meet when
due, the principal and interest payments on the Bonds. The tax levy herein
provided shall be irrepealable until all of the Bonds are paid, provided that the
Finance Director may annually, at the time the City makes its tax levies, certify to
the County Auditor the amount available in the Debt Service Fund to pay principal
and interest due during the ensuing year, and the County Auditor shall thereupon
reduce the levy collectible during such year by the amount so certified.
4.06. Prior Resolution Pledges. The pledges and covenants of the City made
by the resolution awarding the sale of the Refunded Assessment Bonds (Prior
Resolution) relating to the improvements are restated and confirmed in all respects.
The provisions of the Prior Resolution are hereby supplemented to the extent
necessary to give full effect to the provisions of this resolution.
Section 5. Refunding: Findings: Redemption of Refunded Bonds.
5.01. The Refunded Bonds are the General Obligation Improvement Bonds,
Series 1984, and the General Obligation Bonds, Series 1985A of the City, dated
September 1, 1984, and February 1, 1985, respectively, of which $40,000 and
$475,000, respectively in principal amount is callable on February 1, 1993. It is
hereby found and determined that based upon information presently available from
the City's financial advisers, the issuance of the Bonds is consistent with covenants
made with the holders thereof and is necessary and desirable for the reduction of
debt service cost to the municipality.
5.02. It is hereby found and determined that the Proceeds will be sufficient
to prepay all of the principal of, interest on and redemption premium (if any) on the
Refunded Bonds to be called for redemption on February 1, 1993.
5.03. No portion of the proceeds of the Bonds shall be used directly or
indirectly to acquire higher yielding investments or to replace funds which were
used directly or indirectly to acquire higher yielding investments, except for a
reasonable temporary period until such proceeds are needed for the purpose for
which the Bonds were issued. To this effect, any proceeds of the Bonds and any
sums from time to time held in the Debt Service Fund (or any other City account
which will be used to pay principal and interest to become due on the Bonds) in
excess of amounts which under the applicable federal arbitrage regulations may be
invested without regard as to yield shall not be invested at a yield in excess of the
applicable yield restrictions imposed by the arbitrage regulations on such
investments after taking into account any applicable temporary periods or minor
portion made available under the federal arbitrage regulations. In addition, the
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MN190-39 10
proceeds of the Bonds and money in the Fund shall not be invested in obligations or
deposits issued by, guaranteed by or insured by the United States or any agency
or instrumentality thereof if and to the extent that such investment would cause the
Bonds to be federally guaranteed within the meaning of Section 149(b) of the
Internal Revenue Code of 1986, as amended ( the Code) .
5.04. The Refunded Bonds maturing on February 1, 1994 and thereafter shall
be redeemed and prepaid on February 1, 1993. The Refunded Bonds shall be
redeemed and prepaid in accordance with their terms and in accordance with the
terms and conditions set forth in the forms of Notice of Call for Redemption attached
hereto as Attachment A which terms and conditions are hereby approved and
incorporated herein by reference. The City Administrator is hereby authorized and
directed to forthwith publish the Notice of Call for Redemption in a publication
qualified under Section 475.54 of the Act to the extent required by the resolutions
pursuant to which the Refunded Bonds were issued and to send written notices of
call to the paying agent for the Refunded Bonds, provided that published notice
alone shall be effective.
5.07. General Obligation Pledge. For the prompt and full payment of the
principal and interest on the Bonds, as the same respectively become due, the full
faith, credit and taxing powers of the City shall be and are hereby irrevocably
pledged. If the balance in the Debt Service Fund is ever insufficient to pay all
principal and interest then due on the Bonds and any other bonds payable
therefrom, the deficiency shall be promptly paid out of monies in the general fund
of the City which are available for such purpose, and such general fund may be
reimbursed with or without interest from the Debt Service Account when a sufficient
balance is available therein .
5.08. Defeasance. When all Bonds and all interest thereon, have been
discharged as provided in this paragraph, all pledges, covenants and other rights
granted by this resolution to the holders of the Bonds shall cease, except that the
pledge of the full faith and credit of the City for the prompt and full payment of the
principal of and interest on the Bonds shall remain in full force and effect. The City
may discharge all Bonds which are due on any date by depositing with the Registrar
on or before that date a sum sufficient for the payment thereof in full; if any Bond
should not be paid when due, it may nevertheless be discharged by depositing with
the paying agent or an escrow agent a sum sufficient for the payment thereof in full
with interest accrued to the date of such deposit. The City may also at any time
discharge and defease the Bonds in their entirety by complying with the provisions
of Section 475.67 of Minnesota Statutes, except that the funds deposited in escrow
in accordance with said provisions may (to the extent permitted by law) but need not
be, in whole or in part, proceeds of bonds as therein provided without the consent
of any Bondholders.
Section 6. Authentication of Transcript.
6.01. The officers of the City are authorized and directed to prepare and
furnish to the Purchaser and to the attorneys approving the Bonds, certified copies
of proceedings and records of the City relating to the Bonds and to the financial
condition and affairs of the City, and such other certificates, affidavits and
transcripts as may be required to show the facts within their knowledge or as shown
by the books and records in their custody and under their control, relating to the
validity and marketability of the Bonds and such instruments, including any
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MN190-39 11
heretofore furnished, shall be deemed representations of the City as to the facts
stated therein.
6.02. The Mayor and City Administrator are hereby authorized and directed
to certify that they have examined the Official Statement prepared and circulated in
connection with the issuance and sale of the Bonds and that to the best of their
knowledge and belief the Official Statement is a complete and accurate representation
of the facts and representations made therein as of the date of the Official Statement.
Section 7. Tax Covenant.
7.01. The City covenants and agrees with the holders from time to time of the
Bonds that it will not take or permit to be taken by any of its officers, employees or
agents any action which would cause the interest on the Bonds to become subject to
taxation under the Internal Revenue Code of 1986, as amended (the Code), and the
Treasury Regulations promulgated thereunder, in effect at the time of such actions,
and that it will take or cause its officers, employees or agents to take, all affirmative
action within its power that may be necessary to ensure that such interest will not
become subject to taxation under the Code and applicable Treasury Regulations, as
presently existing or as hereafter amended and made applicable to the Bonds.
7.02. The City will comply with requirements necessary under the Code to
establish and maintain the exclusion from gross income of the interest on the Bonds
under Section 103 of the Code, including without limitation requirements relating to
temporary periods for investments, limitations on amounts invested at a yield greater
than the yield on the Bonds, and the rebate of excess investment earnings to the
United States if the Refunded Bonds (together with other obligations reasonably
expected to be issued in calendar years 1984 or 1985) exceeded the small -issuer
exception amount of $5 , 000, 000 in either of such years.
7.03. The City further covenants not to use the proceeds of the Bonds or to
cause or permit them or any of them to be used, in such a manner as to cause the
Bonds to be "private activity bonds" within the meaning of Sections 103 and 141
through 150 of the Code.
7.04. In order to qualify the Bonds as "qualified tax-exempt obligations"
within the meaning of Section 265 (b) (3) of the Code, the City makes the following
factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section
141 of the Code;
(b) the City hereby designates the Bonds as "qualified tax-exempt
obligations" for purposes of Section 265 (b) (3) of the Code;
(c) the reasonably anticipated amount of tax-exempt obligations
( other than private activity bonds, treating qualified 501(c) (3) bonds as not
being private activity bonds) which will be issued by the City (and all
subordinate entities of the City) during calendar year 1993 will not exceed
$10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City
during calendar year 1993 have been designated for purposes of Section
265 (b) (3) of the Code.
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MN190-39 12
7.05. The City shall use its best efforts to comply with any federal procedural
requirements which may apply in order to effectuate the designations made by this
section.
The motion for the adoption of the foregoing resolution was duly seconded by
Member Brad Fyle , and upon vote being taken thereon, the following
voted in favor thereof: Kenneth Maus, Shirley Anderson, Daniel Blonigen, Clint Herbst,
and Brad Fyle
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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MN190-39 13
STATE OF MINNESOTA }
}
COUNTY OF WRIGHT ) SS.
CITY OF MONTICELLO )
I, the undersigned, being the duly qualified and acting City
Administrator of the City of Monticello, Wright County, Minnesota, do hereby certify
that I have carefully compared the attached and foregoing extract of minutes of a
regular meeting of the City Council of the City held on December 14, 1993 with the
original minutes on file in my office and the extract is a full, true and correct copy
of the minutes insofar as they relate to the issuance and sale of $535, 000 General
Obligation Refunding Bonds, Series 1993A of the City.
WITNESS My hand officially as such City Administrator and the corporate
'.
seal of the City this %%`� day of 19
z h
City Admi rator
Monticello, Minnesota
(SEAL)
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MN190-39 14
ATTACHMENT A
NOTICE OF CALL FOR REDEMPTION
$170,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1984
CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of
Monticello, Wright County, Minnesota, there have been called for redemption and
prepayment on
February 1, 1993
all outstanding bonds of the City designated as General Obligation Improvement
Bonds, Series 1984, dated September 1, 1984, having stated maturity dates of
February 1 in the years 1994 and 1995, both inclusive, totalling $40, 000 in principal
amount, and with the following CUSIP numbers:
The bonds are being called at a price of par plus accrued interest to February 1,
1993, on which date all interest on said bonds will cease to accrue. Holders of the
bonds hereby called for redemption are requested to present their bonds for payment
at the main office of , in the City of ,
Minnesota, on or before February 1, 1993.
Dated: , 1993.
BY ORDER OF THE CITY COUNCIL
By
City Administrator
City of Monticello, Minnesota
Further Information:
BLP45918
MN190-39 15
NOTICE OF CALL FOR REDEMPTION
$860,000
GENERAL OBLIGATION BONDS, SERIES 1985A
CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of
Monticello, Wright County, Minnesota, there have been called for redemption and
prepayment on
February 1, 1993
all outstanding bonds of the City designated as General Obligation Bonds, Series
1985A, dated February 1, 1985 , having stated maturity dates of February 1 in the
years 1994 through 1997, both inclusive, totalling $475, 000 in principal amount, and
with the following CUSIP numbers:
The bonds are being called at a price of par plus accrued interest to February 1,
1993, on which date all interest on said bonds will cease to accrue. Holders of the
bonds hereby called for redemption are requested to present their bonds for payment
at the main office of , in the City of ,
Minnesota, on or before February 1, 1993.
Dated: , 1993.
BY ORDER OF THE CITY COUNCIL
By
City Administrator
City of Monticello, Minnesota
Further Information:
BLP`5918
MN190-39 16