City Council Resolution 1990-24After due consideration of the bids, Member
Anderson then
introduced the following resolution and moved its adoption:
RESOLUTION NO. 90-24
A RESOLUTION AWARDING THE SALE OF $560,000
GENERAL OBLIGATION TAX INCREMENT BONDS,
SERIES 1990A;
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT
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 bid of Norwest Investment Services, Incorporated(PUPChsser) to
purchase $560,000 General Obligation Tax Increment Bonds, Series 1990A (Bonds) of
the City described in the Official Terms of Offering thereof is found and determined
to be the highest and best bid received pursuant to duly advertised notice of sale and is
hereby accepted, the bid being to purchase the Bonds at a price of $ 554, 400 plus
accrued interest to date of delivery, for Bonds bearing interest as follows:
Year of Maturity
1993
1994
1995
1996
Interest Rate
6.107,
6.15
6.20
6.30
Net effective interest rate: 6.560345%
Year of Maturity Interest Rate
1997 6.35%
1998 6.40
1999 6.50
2000 6.60
1.02. The sum of $ 1, 40o being the amount bid by the Purchaser in excess
of $553,000 will be credited to the Debt Service Fund hereinafter created. The City
Finance Director 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 bidders 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 $560,000, originally dated July 1, 1990, 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 in the years and amounts as
follows:
y_ _ A_ Year Amount
1993 $ 55,000 1997 $ 70,000
1994 60,000 1998 75,000
1995 65,000 1999 80,000
1996 70,000 2000 85,000
1.04. O tional Redemption. The City may elect on February 1, 1996 and on any
date therea te~ prepay Bonds maturing on or after February 1, 1997. Redemption
may be in whole or in part of the Bonds subject to prepayment. If redemption is in
part, those Bonds remaining unpaid which have the latest maturity date will be prepaid
first. If only part of the Bonds having a common maturity date are called for
prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar.
Prepayments will be at a price of par plus accrued interest.
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds will 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 w~l 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 February 1, 1991, 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) Re ster. The Registrar must keep at its principal corporate trust
office a bon 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 such Hond 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 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 Hond, whether the Hond 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 Hond 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 Hond 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 a
Hond 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 de-
stroyed, 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 the Registrar, 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.
(i) Redemption. in the event any of the Bonds are called for redemp-
tion, notice thereof identifying the Bonds to be redeemed will be given by the
Registrar by mailing a copy of the redemption notice by first class mail (postage
prepaid) not more than 60 and not less than 30 days prior to the date fixed for
redemption to the registered owner of each Bond to be redeemed at the address
shown on the registration books kept by the Registrar and by publishing the
notice in the manner required by law. Failure to give notice by publication or by
mail to any registered owner, or any defect therein, will not affect the validity
of any proceeding for the redemption of Bonds. Bonds so called for redemption
will cease to bear interest after the specified redemption date, provided that the
funds for the redemption are on deposit with the place of payment at that time.
2.04. Appointment of Initial Registrar. The City appoints American
National Bank and Trust Com an , Saint Paul ,Minnesota, aS the initial Regis-
trar. T e Mayor and the City Administrator are authorized to execute and deliver, on
behalf of the City, a contract with the Registrar. Upon merger or consolidation 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 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 Administrator and executed on behalf of the City by the
signatures of the Mayor and the Administrator, provided that all signatures may be
printed, engraved or lithographed facsimiles of the originals. In case any officer
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 wi71
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 w:11 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 Registrar.
Certificates of authentication on different Bonds need not be signed by the same rep-
resentative. The executed certificate of authentication on each Bond is conclusive
evidence that it has been authenticated and delivered under this Resolution. When the
Bonds have been so prepared, executed and authenticated, the Finance Director shall
deliver the same to the Purchaser upon payment of the purchase 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 TAX INCREMENT BOND,
SERIES 1990A
Date
Rate Maturity of Original Issue CUSIP
July 1, 1990
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 hereby promises to pay to
or registered assigns, the principal sum of $ on the maturity date specified
above with interest thereon from the date hereof at the annual rate specified above,
payable February 1 and August 1 in each year, commencing February 1, 1991, to the
person in whose name this Bond is registered at the close of business on the fifteenth
day (whether or not a business day) 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, Trans er 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 may elect on February 1, 1996, and on any date thereafter, to prepay
Bonds of this issue maturing on or after February 1, 1997. Redemption may be in
whole or in part of the Bonds subject to prepayment. If redemption is in part, those
Bonds remaining unpaid which have the latest maturity date w~l be prepaid first. If
only part of the Bonds having a common maturity date are called for prepayment the
specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments
shall be at a price of par plus accrued interest.
The City Council has designated the Bonds as "qualified tax exempt obligations"
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 have the same effect as though fully set forth in this place.
This Bond will not be valid or become obligatory for any purpose or be 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)
City Administrator Mayor
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
By
Authorized Representative
[Reverse of the Bond]
This Bond is one of an issue in the aggregate principal amount of $560,000 all of
like original issue date and tenor, except as to number, maturity date, redemption
privilege and interest rate, all issued pursuant to a resolution adopted by the City
Council on June 11, 1990 (the Resolution), for the purpose of providing money to aid in
financing public development costs in a Development District (District) in the City,
pursuant to and in full conformity with the Constitution and laws of the State of
Minnesota, including Minnesota Statutes, Sections 469.174 to 469.179, the Minnesota
Tax Increment Financing Act, and Minnesota Statutes, Sections 469.124 through
469.134 and the principal hereof and interest thereon are payable primarily from tax
increments resulting from increases in taxable valuation of real property in the Tax
Increment Financing District in the District, 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 additional ad valorem taxes on all taxable
property in the City in the event of any deficiency of tax increments 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 will 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.
(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, Minnesota,
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 on the face of this
Bond, shall be construed as though they were written out in full according to
applicable laws or regulations:
TEN CO M - as tenants
in common
TEN ENT -- as tenants
by entireties
UNIF GIFT MIN ACT Custodian
(Cust~- (Minor)
JT TEN -- as joint tenants with
right of survivorship and
not as tenants in common
under Uniform Gifts or
Transfers to Minors
Act........ ..
(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
registration 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.
The Bond Registrar will not effect transfer of this Bond unless the information
concerning the assignee requested below is provided.
Name and Address:
Include in ormation or all joint owners i
this Bond is held by joint account.)
Please insert social security or
other identifying number of assignee
3.02. The City Administrator is directed to obtain a copy of the proposed
approving legal opinion of Holmes do Graven, Chartered, Minneapolis, Minnesota, which
is to be complete except as to dating thereof and to cause the opinion to be printed on
each Bond, together with a certificate to be signed by the facsimile signature of the
Administrator in substantially the form set forth in the form of Bond. The
Administrator is authorized and directed to execute such certificate in the name of
the City upon receipt of such opinion and to file the opinion in the City offices.
Section 4. Payment: Security:. Pledges and Covenants.
4.01. The Bonds are payable from the General Obligation Tax Increment Bonds,
Series 1990A Debt Service Fund (Debt Service Fund) hereby created, and all tax
increments (Tax Increments) received by the City from the Tax Increment Financing
District within the Development District in which the activity financed by the Bonds is
located are pledged to the Debt Service Fund. If any payment of principal or interest
on the Bonds becomes due when there is not sufficient money in the Debt Service Fund
to pay the same, the Finance Director is directed to pay such principal or interest
from the general fund of the City, and the general fund is to be reimbursed for such
advances out of the proceeds of Tax Increments when received. There is appropriated
to the Debt Service Fund (i) capitalized interest funded from Bond proceeds, if any, (ii)
any amount over the minimum purchase price paid by the Purchaser and (iii) accrued
interest paid by the Purchaser upon closing and delivery of the Bonds.
4.02. It is determined that the estimated collection of Tax Increments for
payment of principal and interest on the Bonds wdl produce at least five percent in
excess of the amount needed to meet, when due, the principal and interest payments
on the Bonds and that no tax levy is needed at this time.
4.03. The City Administrator is directed to file a certified copy of this
Resolution with the County Auditor of Wright County and obtain the certificate
required by Minnesota Statutes, Section 475.63.
Section 5. Authentication of Transcript.
5.01. 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 heretofore fur-
nished, shall be deemed representations of the City as to the facts stated therein.
5.02. The Mayor and City Administrator are 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 6. Tax Covenant.
6.01. The City covenants and agrees with the holders from time to time of the
Bonds that it wi71 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.
6.02. (a) The City w~11 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 Bonds (together with other obligations reasonably expected to be
issued in calendar year 1990) exceed the small-issuer exception amount of $5,000,000.
(b) For purposes of qualifying for the small issuer exception to the federal
arbitrage rebate requirements, the City finds, determines and declares that the
aggregate face amount of all tax-exempt bonds (other than private activity bonds)
issued by the City (and all subordinate entities of the City) during the calendar year in
which the Bonds are issued and outstanding at one time is not reasonably expected to
exceed $5,000,000, all within the meaning of Section 148(fX4)(C) of the Code.
6.03. 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.
6.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within
the meaning of Section 265(bX3) 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 designates the Bonds as "qualified tax-exempt obligations"
for purposes of Section 265(bX3) of the Code;
(c) the reasonably anticipated amount of tax-exempt obligations (other
than private activity bonds, treating qualified 501(eX3) bonds as not being
private activity bonds) which will be issued by the City (and all subordinate
entities of the City) during calendar year 1990 w~11 not exceed $10,000,000; and
(d) not more than $10,000,000 of obligations issued by the City during
calendar year 1990 have been designated for purposes of Section 265(bX3) of the
Code.
6.05. The City will 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 Bloni~en , and upon vote being taken thereon, the
following voted in favor thereof: Maus, Anderson, Blonigen, Smith
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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, 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 June 11, 1990 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 $560,000 General Obligation Tax Increment Bonds,
Series 1990A of the City.
WITNESS My hand officially ss such Administrator and the corporate seal of the
City this ~ day of June , 1990.
{SEAL)
City ministrator
Montic llo, Minnesota
O
O i
0- d
~--~ i
O
V
N C
.--~ ~-+
Oa p
C W
7 H
7 N
'C Z
O ~--~
~ d
aN
O
d m
Q
O
01
N
p W
QZv
-.r
000
W F- W
Z Z In
Z W
-•y Z l-
Z OC W
~U p
O Z
J ~•-~ W
J J
W X Q
~ ~ N
H F-
Z O N
~G.9d
• > e~- 01 01 01 01 01 01 01 01 01
~ ~ 01 Q1 O 01 Q1 Q1 Q1 01 01 G!
0-010 ~
G
.~-~ .fir ~ r +-~ O O O O O O O O O ~"~
.\i .\•~ tO0 7 O ~
.--~ te'f ~••~ E ~
~t\O~ Q ~ ~
~ r
e~
W +•~
.~
G1 O N
t0 eO N ~
pp 01 •% Z1~
C ~ N i 0 N O O O O O O O O N W N
O eO N C1 E ^ 0- 01 01 01 01 01 Q1 O- 01 T~
O C t0 O O O O O O O O 1~ V ~/'-
.•-~ t!7 O O O O O O O O ~ Z
vas
p
W N
F- N
V~
W O
''7 r
N 1~ ~lY O 01 00 •-~ '--i •--~ et O V
L f 1~ ~O 01 h 00 tl~ ~ I.A e!' O ~ C
N O 1~ ~--~ ~--~ LA .-~ M ~ tG a ~
.~. .. .. .. .. .. .. .. .. .. jt ~)c
t0 t!1 lC O 01 ~ 111 ~A tL! t[! •It
~. L1'f 01 01 01 01 01 01 01 O- ~
C
O b°-
>f
e~
d
r d•~ ~ O O O O O O O O b•
e0 C t~ O O O O O O O O
_ ~ ..•~ O to to t~9 11f O O O •--~
C ?s 1~ ~' 00 01 tp to r-+ .-~ .-•~ d•
Q etJ N tf! .-+ eh ~ O t0 O t0 O
0_
~ CO1 01 0M1 0~1 001 001 001 001 C^0
r ~SOOOOOOOOOOOOOOOOOO '~
e0 1~ O O O O ~'f ~Cl tl~ tCf ~L'f ~ 1!'f tl') 0 0 0 0 0 0 1~
O ,~yOOOONNt~1~NN~1~~L1t1y1nt1YLlfL['f ^'~
F- chi~t~l~t~0101d•erMMNNOOOOOO et
I~I~I~I~I~OONNNNOOOOd•eY00O O
OI~I~t~NtOl0~01NNOOI~NLA1nNt~ D1 N
N .--~ .--~ .-~ 1~ .-~ 1~ ~ ^ ~ O ~ 00 00 00 00 00 C
V! •r'
e~
C
.~
~ d• 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ O~ E
N 1~0000~l~'1~LALt~t1')tl)11')OOOOOO 1~0~ O
N O
i ~OOOONNI~I~NNI~I~~e9u')t1'f49t1ft1Y r•+O~ N
N M1~t~1~1~0101d•etcrfchNNOOOOOO d•O~' ~
+~ t~t~t~1~1~O0NNNNOOOO~etC0O OtOt0
~--~ Ot~t~l~t~tOtO~etNNOOt~l~tlf 11'fNN 01~A~• O
N N
if! W LA
IA
r
~ O ~ O O ~ O O O ~
eO ~ ~--~ N M M d' ~ ~O •r'
tp tD t0 lp tp tD t0 ~O
C
.~
r O O O O O O O O O
t0 O O O O O O O O O C
O. O O O O O O O O O ~ O
•C~ ~fl O Lll O O ~ O ll~ O V1 ~
O 1.[! t0 t0 1~ 1~ 1~ O O tp ~ O O
.~ Lff N V 'C
L• V! O C
~ r +~ O
a N O
..i O i
O ~~--~NNMMetd'tnil'f tDt01~1~000001Q1O i
+~ 0101010010101~010101C1 01 01 01 01Q101O +~ O +~
R1 01 01 01 01 01 01 01 0- 01 Q1 01 01 01 01 01 01 0- 01 O C +•~ Vf
\\\\\\\\\\\\\\\\\\\ -~ O ~-+ i
~ H i~ •4•)
NONONapNQpNppNO\pNONO\pNOpN ~pZ ~"'~
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 City Council of
the City of Monticello, Minnesota, was duly held in the City Hall in said City on
Monday, June 11, 1990, commencing at 7:00 P.M.
The following members were present: Mayor Kenneth Maus, Shirley Anderson,
Daniel Blonigen, Warren Smith
and the following were absent: Frances Fair
The Mayor announced that the next order of business was consideration of the
bids which had been received for the purchase of the City's $560,000 General
Obligation Tax Increment Bonds, Series 1990A, as advertised for sale. The City
Administrator presented affidavits showing publication of the notice of sale in the
City's official newspaper and in Northwestern Financial Review, a financial paper pub-
lished in Minneapolis, Minnesota, which affidavits were examined and found
satisfactory and ordered placed on file.
The City Administrator presented a tabulation of the bids which had been
received in the manner specified in the Official Terms of Offering of the Bonds. The
bids were as follows:
SPRII~fGSTED
85 East Seventh Place, Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: 612-223-3002
PUBLIC FINANCE ADVISORS
ssso,ooo
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1990A
AWARD: NORWEST INVESTMENT SERVICES, INCORPORATED
-And Associates-
SALE: June 11, 1990 Moody's Rating: A
interest Netlnterest
Bidder Rates Price Cost & Rate
NORWEST INVESTMENT SERVICES,
INCORPORATED
American National Bank Saint Paul
Moore, Juran and Company, Incorporated
DAIN BOSWORTH INCORPORATED
MILLER, JOHNSON & KUEHN, INC.
6.10%
6.15%
6.20%
6.30%
6.35%
6.40%
6.50%
6.60%
6.10%
6.1596
6.20%
6.25%
6.30%
6.40%
6.50%
6.60%
1993
1994
1995
1996
1997
1998
1999
2000
.1993
1994
1995
1996
1997
1998
1999
2000
$554,400.00
$553,840.00
$234,641.67
(6.560345%)
$234,775.83
(6.5640°k)
6.10%
6.15%
6.20%
6.25%
6.30%
6.40%
6.50%
6.60%
1993
1994
1995
1996
1997
1998
1999
2000
$553,840.00
Indiana Office: Kansas Office: Wisconsin Office:
135 North Pennsylvania Street 6800 College Boulevard 500 Elm Grove Road
Suite 2015 Suite 600 Suite 101
Indianapolis. IN 46204-2498 Overland Park, KS 66211-1533 Elm Grove. WI 53122-0037
(317) 684-6000 (913) 345-8062 (414) 782-8222
Fax: 317.684-6004 Fax: (913) 345-1770 Fax: 414-782-2904
$234,775.83
(6.5640°~)
(Continued)
Interest Net Interest
Bidder Rates Price Cost & Rate
ALLISON-WILLIAMS COMPANY
Piper, Jaffray 8~ Hopwood
Incorporated
Juran & Moody, Incorporated
FBS INVESTMENT SERVICES, INC.
CRONIN & COMPANY
Edward D. Jones & Company
PARK INVESTMENT CORPORATION
6.10%
6.20%
6.25%
6.30%
6.35%
6.40%
-6.50%
6.60%
6.05%
6.10%
6.20%
6.25%
6.30%
6.40%
6.50%
6.60%
6.10°k
6.15%
6.20%
6.25%
6.30%
6.40%
6.50%
6.55%
6.10%
6.15%
6.20%
6.30%
6.40%
6.50%
6.55%
6.60%
1993
1994
1995
1996
1997
1998
1999
2000
1993
1994
1995
1996
1997
1998
1999
2000
1993
1994
1995
1996
1997
1998
1999
2000
1993
1994
1995
1996
1997
1998
1999
2000
$554,400.00
$553,280.00
$553,000.00
$553,840.00
234,898.13
(6.5675%)
$235,157.29
(6.5747%)
235,208.54
(6.57619°k)
These Bonds are being reoffered at par.
$236,344.17
(6.6079%)
BBI: 7.21
Average Maturity: 6.39 Years