City Council Resolution 1990-46CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 19 9 0 - 4 6
BEING A RESOLUTION AUTHORIZING AND AWARDING THE
SALE OF, AND P$OVIDING THE FORM, TERMS,
COVENANTS AND DIRECTIONS FOR =305,000
GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS,
SERIES 1990D,
PLEDGING FOR THE SECURITY THEREOF TAX INCREMENT
FROM TAX INCREMENT FINANCING DISTRICT 1-9
AND TAX INCREMENT FINANCING DISTRICT 1-10
BE IT RESOLVED BY THE CITY COUNCIL (THE "COUNCIL") OF THE
CITY OF MONTICELLO, MINNESOTA (THE "ISSUER") AS FOLLOWS:
Section 1. Recitals.
1.01 The Council has heretofore created Tax Increment Financing District
1-9 and Tax Increment Financing District 1-10 (the "Districts") by adoption of Tax
Increment Financing Plans relating thereto on August 13, 1990, pursuant to
Minnesota Statutes, Sections 469.174 to 469.179, within Redevelopment District
No. 1 created by the Issuer pursuant to Minnesota Statutes, Sections 469.124 to
469.134.
1.02 The County Auditor of Wright County has certified the Adjusted
Original Tax Capacity Value of all taxable property in the Districts.
1.03 Based upon present and anticipated tax capacity rates for ad valorem
taxes to be levied on taxable property in the Districts, the Council hereby
determines that the total annual tax increment to be derived from the Districts
will be approximately $55,927 for 1991 and approximately $55, 200 for 1992 and
beyond.
Section 2. Award of Sale; Terms of Bonds.
2.01 Affidavits showing publication of notice of call for bids in the official
newspaper of the Issuer and in Northwestern Financial Review have been examined
and have been approved and ordered placed on file. The following bids for the sale
of the Bonds were received: [See attached].
2.02 After considering the bids received, the Issuer hereby awards the sale
of the Bonds to Park Investment Corporation (the
"Purchaser'? as the bidder offering the lowest net interest cost by its bid to
purchase the Bonds in accordance with the terms set forth in this Resolution at a
price of ~ 301, 864.15 plus accrued interest to the date of delivery, the Bonds to
bear interest at the rates per annum as follows:
Year of Interest
Maturit Rate
1993 8.375 %
1994 8.50
1995 8.70
1996 8.70
1997 8.90
1998 8.90
1999 8.90
2000 8.90
The City Administrator is directed to retain the good faith check of the Purchaser
pending delivery of and payment for the Bonds.
2.03 The Issuer shall issue the Bonds in the aggregate principal amount of
$305,000, dated November 1, 1990, as fully registered bonds without coupons. The
Bonds shall be in denominations of $5,000 or any integral multiple thereof not
exceeding the principal amount of a single maturity, shall be numbered from R-1
upwards in order of issuance, and shall bear interest at the rates set forth above,
payable August 1, 1991, and semiannually thereafter on each February 1 and
August 1, and shall mature on February 1 in the years and amounts as follows:
yew Amount
1993 $30,000
1994 30,000
1995 35,000
1996 35,000
1997 40,000
1998 45,000
1999 45,000
2000 45,000
2.04 All Bonds maturing on or after February 1, 1997, shall be subject to
redemption and prior payment in whole or in part, and if in part, in such order as
the City shall determine and by lot within a maturity, at the option of the Issuer on
February 1, 1996, and any date thereafter at a price of par plus accrued interest.
Thirty days' prior notice of redemption shall be given by first-class mail to the
Registrar and to the registered owners of the Bonds, and notice of redemption will
be published in the manner provided by Chapter 475, Minnesota Statutes. Upon
notice having been so given, the Bonds or portions of Bonds therein specified shall
be due and payable at the stated redemption date and price with accrued interest
to the redemption date, and upon funds for such payment being held by or on behalf
of the Registrar for such payment on the specified redemption date, interest
thereon shall cease to accrue after such redemption date. No defect in the mailed
notice of redemption shall affect the validity of the call for redemption of any
Bond.
2.05 The Bonds shall be payable as to principal upon presentation at the
main office of American National Bank and Trust Comnany (the
"Registrar"), or at the office of such other successor registrar as the Issuer may
hereafter designate upon 60 days mailed notice to the registered owners. Interest
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on each Bond shall be payable by check or draft of the Registrar mailed the last
business day prior to the interest payment date to the registered holder thereof at
his or her address as it appears on the bond register at the close of business on the
15th day (whether or not a business day) of the calendar month next preceding the
interest payment date.
Section 3. Form and Execution of the Bonds.
3.01 The Bonds shall be in substantially the following form, with the
necessary variations as to number, CUSIP Number, rate of interest and date. of
maturity, the blanks to be properly filled in:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
CITY OF MONTICELLO
No. R-
GENERAL OBLIGATION TAXABLE TAX INCREMENT BOND, SERIES 1990D
Interest Rate Maturity Nominal Date of Original Issue CUSIP
November 1, 1990
Registered Owner:
Principal Amount:
The City of Monticello, Minnesota (the "City"), for value received, hereby
certifies that it is indebted and hereby promises to pay to the Registered Owner
specified above, or registered assigns, the principal sum specified above on the
maturity date specified above, upon the presentation and surrender hereof, and to
pay to the registered owner hereof interest on such principal sum at the interest
rate specified above from November 1, 1990, or the most recent interest payment
date to which interest has been paid or duly provided for as specified below, on
February 1 and August 1 of each year, commencing August 1, 1991, until said
principal sum is paid. Principal is payable in lawful money of the United States of
America at , as Registrar, Transfer Agent and
Paying Agent, in ,Minnesota, or at the offices of such successor
agent as the City may designate upon 60 days notice to the registered owners at
their registered addresses (the "Registrar"). Interest shall be paid on each
February 1 and August 1 by check or draft of the Registrar mailed the last business
day prior to the interest payment date to the person in whose name this Bond is
registered at the close of business on the preceding January 15 and July 15
(whether or not a business day) at his or her address set forth on the bond register
maintained by the Registrar. Any such interest not punctually paid or provided for
will be paid to the person in whose name this Bond is registered at the close of
business on a special record date established by the Registrar for the payment of
such defaulted interest.
Bonds maturing on or before February 1, 1996, are not subject to redemption
prior to maturity. Bonds maturing on or after February 1, 1997, are subject to
redemption and prior payment in whole or in part, and if in part, in such order as
the City shall determine and by lot within a maturity, at the option of the City on
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February 1, 1996 and any date thereafter at a price equal to par plus accrued
interest. Thirty days' prior notice of redemption shall be given by first-class mail
to the Registrar and to the registered owners of the Bonds, and notice of
redemption will be published in the manner provided by Chapter 475, Minnesota
Statutes. Upon notice having been so given, the Bonds or portions of Bonds therein
specified shall be due and payable at the stated redemption date and price with
accrued interest to the redemption date, and upon funds for such payment being
held by or on behalf of the Registrar for such payment on the specified redemption
date, interest thereon shall cease to accrue after such redemption date. No defect
in the mailed notice of redemption shall affect the validity of the call for
redemption of any Bond.
This Bond is one of a series of Bonds in the aggregate principal amount of
Three Hundred Five Thousand Dollars ($305,000) of like date and tenor except for
number, interest rate, denomination, right of redemption and date of maturity, and
is issued for the purpose of providing funds to finance or otherwise pay pursuant to
Minnesota Statutes, Sections 469.124 to 469.134 certain costs of the City's
Redevelopment District No. 1 established pursuant to Minnesota Statutes, Sections
469.124 to 469.134, and pursuant to an authorizing resolution (the "Resolution")
adopted by the City Council of the City on October 15, 1990 and pursuant to and in
full conformity with the Constitution and laws of the State of Minnesota, including
Minnesota Statutes, Chapter 475 and Sections 469.174 to 469.179.
The Bonds of this series are payable from the General Obligation Taxable
Tax Increment Bonds, Series 1990D Fund of the City (the "Bond Fund"). All taxable
property within the City is subject to the levy of direct general ad valorem taxes
required by law to be levied and extended if needed for this purpose, without
limitation of rate or amount. The issuance of this Bond does not cause the
indebtedness of the City to exceed any constitutional, statutory or charter
limitation thereon.
As provided in the Resolution, and subject to certain limitations set forth
therein, this Bond is transferable upon the books of the City kept for that purpose
at the principal office of the Registrar, by the registered owner hereof in person or
by such owner's attorney duly authorized in writing, upon surrender of this Bond
together with a written instrument of transfer satisfactory to the Registrar, duly
executed by the registered owner or such owner's duly authorized attorney. Upon
such transfer and the payment of any tax, fee or governmental charge required to
be paid by the City or the Registrar with respect to such transfer, there will be
issued in the name of the transferee a new Bond or Bonds of the same aggregate
principal amount as the surrendered Bond.
The Bonds of this series are issuable only as fully registered bonds without
coupons in denominations of $5,000 or any integral multiple thereof not exceeding
the principal amount maturing in any one year. As provided in the Resolution and
subject to certain limitations therein set forth, the Honds of this series are
exchangeable for a like aggregate principal amount of Bonds of this series of a
different authorized denomination, as requested by the registered owner or his duly
authorized attorney, upon surrender thereof to the Registrar.
It is hereby Certified and Recited 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 in order to make this Bond a valid and binding
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general obligation of the City according to its terms, have been done, do exist,
have happened and have been performed in due form, time and manner as so
required.
This Bond shall not be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been manually signed by a person
authorized to sign on behalf of the Registrar.
IN WITNESS WHEREOF, The City of Monticello, Minnesota has caused this
Bond to be executed with the facsimile signatures of its Mayor and its City
Administrator, both as of the Nominal Date of Original Issue specified above.
Dated:
THE CITY OF MONTICELLO,
MINNESOTA
By (Facsimile)
Mayor
(Facsimile)
City Administrator
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds described in the within mentioned Resolution.
Bond Registrar
By
Authorized Signature
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ASSIGNMENT
unto
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
(Please Print or Typewrite Name and Address of Transferee.
Include information for all joint owners if the Bond is held by joint account.)
the within Bond and all rights thereunder, and hereby irrevocably constitutes and
appoints attorney to transfer the within Bond on
the books kept for registration thereof, with full power of substitution in the
premises.
Dated:
Signature Guaranteed by:
Signature(s) must be guaranteed by a
commercial bank or trust company or
by a brokerage firm having
membership in one of the major stock
exchanges.
Please Insert Social Security Number
or Other Identifying Number of
Assignee.
Notice: The signature(s) on this
assignment must correspond with the
name(s) appearing on the face of this
Bond in every particular, without
alteration or any change whatever.
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(Form of Certificate)
CERTIFICATE AS TO LEGAL OPINION
I, Rick Wolfsteller, City Administrator of the City of Monticello, Minnesota,
hereby certify that except for the date line, the above is a full, true and compared
copy of the legal opinion of Holmes & Graven, Chartered, of Minneapolis,
Minnesota, which was delivered to me upon delivery of the Bonds and is now on file
in my office.
(Facsimile)
City Administrator
3.02 As long as any of the Bonds issued hereunder shall remain
outstanding, the Issuer shall cause to be kept at the principal office of the
Registrar the Register in which, subject to such reasonable regulations as the
Registrar may prescribe, the Registrar shall provide for the registration of Bonds
and the registration of transfers of Bonds. American National Bank and
Trust Company is hereby appointed Registrar, Transfer Agent and Paying Agent
with respect to the Bonds.
Upon surrender for transfer of any Bond with a written instrument of
transfer satisfactory to the Registrar, duly executed by the registered owner or his
duly authorized attorney, and upon payment of any tax, fee or other governmental
charge required to be paid with respect to such transfer, the Issuer shall execute
and the Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more fully registered Bonds of any authorized
denominations and of a like aggregate principal amount, interest rate and maturity.
Any Bonds, upon surrender thereof at the office of the Registrar may, at the option
of the registered owner thereof, be exchanged for an equal aggregate principal
amount of Bonds of the same maturity and interest rate of any authorized
denominations. In all cases in which the privilege of exchanging or transferring
fully registered Bonds is exercised, the Issuer shall execute and the Registrar shall
deliver Bonds in accordance with the provisions of this Resolution. For every such
exchange or transfer of Bonds, whether temporary or definitive, the Issuer or the
Bond Registrar may make a charge sufficient to reimburse it for any tax, fee or
other governmental charge required to be paid with respect to such exchange or
transfer, which sum or sums shall be paid by the person requesting such exchange
or transfer as a condition precedent to the exercise of the privilege of making such
exchange or transfer. Notwithstanding any other provision of this Resolution, the
cost of preparing each new Bond upon each exchange or transfer, and any other
expenses of the Issuer or the Registrar incurred in connection therewith (except
any applicable tax, fee or other governmental charge) shall be paid by the Issuer.
3.03 Interest on any Bond which is payable, and is punctually paid or duly
provided for, on any interest payment date shall be paid to the person in whose
name that Bond (or one or more Bonds for which such Bond was exchanged) is
registered at the close of business on the preceding January 15 and July 15, as the
case may be. Any interest on any Bond which is payable, but is not punctually paid
or duly provided for, on any interest payment date shall forthwith cease to be
payable to the registered holder on the relevant regular record date solely by
virtue of such holder having been such holder; and such defaulted interest may be
7
paid by the Issuer to the person in whose name such Bond is registered at the close
of business on a special record date established by the Registrar for the payment of
such defaulted interest. Subject to the foregoing provisions of this paragraph, each
Bond delivered under this Resolution upon transfer of or in exchange for or in lieu
of any other Bond shall carry all the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Bond and each such Bond shall bear
interest from such date that neither gain nor loss in interest shall result from such
transfer, exchange or substitution.
3.04 As to any Bond, the Issuer and the Registrar and their respective
successors, each in its discretion, may deem and treat the person in whose name
the same for the time being shall be registered as the absolute owner thereof for
all purposes and neither the Issuer nor the Registrar nor their respective successors
shall be affected by any notice to the contrary. Payment of or on account of the
principal of any such Bond shall be made only to or upon the order of the registered
owner thereof, but such registration may be changed as above provided. All such
payments shall be valid and effectual to satisfy and discharge the liability upon
such Bond to the extent of the sum or sums so paid.
3.05 If (i) any mutilated Bond is surrendered to the Registrar, and the
Issuer and the Registrar receive evidence to their satisfaction of the destruction,
loss, or theft of any Bond, and (ii) there is delivered to the Issuer and the Registrar
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Issuer or the Registrar that such
Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon
its request the Registrar shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of like tenor and
principal amount, bearing a number not contemporaneously outstanding. In case
any such mutilated, destroyed, lost, or stolen Bond has become or is about to
become due and payable, the Issuer in its discretion may, instead of issuing a new
Bond, pay such Bond.
Upon the issuance of any new Bond under this subsection, the Issuer may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto. Every new Bond issued pursuant to
this subsection in lieu of any destroyed, lost, or stolen Bond shall constitute an
original additional contractual obligation of the Issuer, whether or not the
destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Resolution equally and proportionately
with any and all other Bonds duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost, or stolen Bonds.
Section 4. Execution and Delivery
4.01 The Bonds shall be executed by the respective facsimile signatures of
the Mayor and the City Administrator as set forth in the form of Bond. The seal of
the Issuer shall be omitted from the Bonds as permitted by law. The text of the
approving legal opinion of Holmes ac Graven, Chartered, of Minneapolis, Minnesota,
as bond counsel, shall be printed on the reverse side of each Bond and shall be
certified by the facsimile signature of the City Administrator. When said Bonds
8
shall have been duly executed and authenticated by the Registrar in accordance
with this Resolution, the same shall be delivered to the Purchaser upon payment of
the purchase price, and the receipt of the City Administrator delivered to the
Purchaser thereof shall be a full acquittance; and the Purchaser shall not be bound
to see to the application of the purchase money. The Bonds shall not be valid for
any purpose until authenticated by the Registrar.
4.02 The Official Statement relating to the Bonds, on file with the City
Administrator and presented to this meeting, is hereby approved, and the furnishing
thereof to prospective bidders for the Bonds is hereby ratified and confirmed,
insofar as the same relates to the Bonds and the sale thereof.
4.03 If such officers find the same to be accurate, the Mayor and the City
Administrator are authorized and directed to furnish to the Purchaser at the
closing a certificate that, to the best of the knowledge of such officers, the
Official Statement does not, at the date of closing, and did not, at the time of sale
of the Bonds, contain any untrue statement -of a material fact or omit to state any
material fact necessary in order to make the statements made therein, in the light
of the circumstances under which they were made, not misleading. Unless
litigation shall have been commenced and be pending questioning the Bonds,
revenues pledged for payments of the Bonds, or the organization of the Issuer or
incumbency of its officers, at the closing, the Mayor and the City Administrator
shall execute and deliver to the successful bidder a suitable certificate as to
absence of material litigation, and a certificate as to payment for and delivery of
the Bonds, together with the signed approving legal opinion of Holmes be Graven,
Chartered, as to the validity and enforceability of the Bonds under present laws
and rulings.
Section 5. Bond Fund and Accounts, Appropriations, Pledge.
5.01 There is hereby created a special fund of the Issuer designated
"General Obligation Taxable Tax Increment Bonds, Series 1990D Fund" (the "Bond
Fund") held and administered by the City Administrator separate and apart from all
other Funds of the Issuer. The Bond Fund shall be maintained in the manner
specified until all of the Bonds herein authorized, any refunding bonds issued to
refund the Bonds, and any other general obligation tax increment bonds hereafter
issued and made payable from the Bond Fund, and the interest thereon, have been
fully paid and the Tssuer has been fully reimbursed from the pledge of tax
increment for any of the principal and interest of the Bonds paid by the Issuer from
general ad valorem taxes levied on property in the Issuer. In the Fund there shall
be maintained two separate accounts, to be designated as the "Capital Account"
and the "Debt Service Account," respectively.
Capital Account. The proceeds from the sale of the Bonds, less the amount
of the proceeds of the Bonds deposited in the Debt Service Account, and less any
accrued interest received thereon, shall be credited to the Capital Account, from
which there shall be paid all costs and expenses of the Issuer's Redevelopment
District No. 1, including the cost of any construction contracts heretofore let and
all other costs incurred and to be incurred, of the kind authorized in Minnesota
Statutes, Sections 475.65, 469.176, subdivision 4, and Minnesota Statutes, Sections
469.124 to 469.134.
9
Debt Service Account. There is hereby pledged and there shall be credited
to the Debt Service Account (a) all unused discount and accrued interest received
upon delivery of and payment for the Bonds, (b) tax increment derived from the
Districts in amounts sufficient from time to time to pay principal of and interest
on the Bonds then due (or previously due and paid from a source other than tax
increment), (c) any taxes from time to time levied for the payment of the Bonds,
and revenues derived from any other sources available and pledged to pay principal,
premium, if any, and interest on the Bonds, (d) proceeds of the Bonds in the amount
of $ 44, 350 to be used to pay interest on the Bonds prior to the collection of
tax increment and other revenues sufficient to pay debt service on the Bonds, and
(e) all funds remaining in the Capital Account after completion of the public
improvements to be undertaken by the City within Redevelopment District No. 1
and payment of the costs thereof. The Debt Service Account herein created shall
be used solely to pay principal of, premium, if any, and interest on the Bonds and
any other general obligation tax increment bonds hereafter issued and made
payable from said Debt Service Account, except that upon discharge of the Bonds
and such already outstanding or additional Bonds, the Issuer may use any remaining
funds in the Debt Service Account to reimburse the Issuer as provided above.
5.02 To provide moneys for the payment of principal and interest on the
Bonds there is hereby levied upon all of the taxable property in the Issuer a direct
annual ad valorem tax which shall be spread upon the tax rolls and collected with
and as part of, other general property taxes in said Lssuer for the years and in the
amounts as follows:
Levy Year Collection Year Amount Levied
[See Attachment]
Said tax levies are such that if collected in full, they together with collections of
the tax increment and other amounts expected to be available to pay debt service
on the Bonds will produce at least five percent (5%) in excess of the amount needed
to meet when due the principal and interest payments on the Bonds (except for any
interest payable from funds which shall be on hand and irrevocably deposited to the
Debt Service Account as of the date of delivery of and payment for the Bonds).
Said tax levies shall be irrevocable so long as any of the Bonds are outstanding and
unpaid, provided that the Issuer reserves the right and power to reduce the levies in
the manner and to the extent permitted by Minnesota Statutes, Section 475.61,
subdivision 3. The full faith and credit and taxing powers of the Issuer are hereby
irrevocably pledged for the prompt and full payment of the principal of and
interest on the Bonds and such other general obligation indebtedness as may be
made payable from the Bond Fund, as such principal and interest respectively
become due.
5.03 Interest earnings from the investment of money in the Capital
Account and the Debt Service Account shall be deposited in the respective
accounts.
5.04 The City Administrator is directed to keep on file in his office a
tabulation of the dates and amounts of the principal and interest payments to
become due and amounts of the principal and interest payments to become due on
bonds payable from the Bond Fund, and of the balance required in the Bond Fund on
October 1 in each year in order to cancel the taxes levied pursuant to this
Resolution for collection the following years.
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Section 6. Miscellaneous.
6.01 The City Administrator is hereby authorized and directed to certify a
copy of this Resolution and to cause the same to be filed in the office of the
County Auditor of Wright County, together with such other information as such
auditor may require, and to obtain from such county auditor a certificate that the
Bonds have been entered upon his bond register.
6.02 The officers of the Issuer are authorized and directed to prepare and
furnish to the Purchaser and to the attorneys approving the Bonds, certified copies
of all proceedings and records of the Issuer relating to the power and authority of
the Issuer to issue the Bonds within their knowledge or as shown by the books and
records in their custody and control, and such certified copies and certificates shall
be deemed representations of the Issuer as to the facts stated therein.
Adopted this 15th day of October, 1990.
ity Administrator Mayor
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ATTACHMENT A
Levy Year Collect Year Amount
1990 1991 $ -0-
1991 1992 -0-
1992 1993 -0-
1993 1994 -0-
1994 1995 -0-
1995 1996 1,363
1996 1997 4,898
1997 1998 907
1998 1999 -0-
SPRINGSTED
500 Elm Grove Road
Suite 101, P.O. Box 37
Elm Grove, WI 53122-0037
(414) 782-8222
Fax: (414) 782-2904
PUBLIC FINANCE ADVISORS
85 East Seventh Place
Suite 100
Saint Paul, MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
135 North Pennsylvania Street
Suite 2015
Indianapolis, IN 46204-2498
(317) 684-6000
Fax: (317) 684.6004
2739 Second Avenue S.E. 512 Nicollet Mall 6800 College Boulevard
Suite 600
Cedar Rapids, IA 52403-1434 Suite 550
(319) 363-2221 Minneapolis, MN 55402-1017 Overland Park, KS 66211
8062
Fax: (319) 363-6999 (612) 333.9177
Fax: (612) 333-2363 (913) 345-
Fax: (913) 345-1770
$305,000
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1990D
AWARD: PARK INVESTMENT CORPORATION
SALE: October 15, 1990 Moody's Rating: A
Interest Net Interest
Bidder Rates Price Cost & Rate
PARK INVESTMENT CORPORATION 8.375% 1993 $301,864.15 $167,377.73
8.50% 1994 (8.99275%)
8.70% 1995-1996
8.90% 1997-2000
ALLISON-WILLIAMS COMPANY 8.25% 1993 $302,438.00 $169,238.25
8.50% 1994 (9.092720%)
8.70% 1995
8.90% 1996
9.00% 1997-1998
9.10% 1999-2000
AMERICAN NATIONAL BANK SAINT PAUL 8.50% 1993 $301,920.00 $169,588.75
8.60% 1994 (9.1115%)
8.70% 1995
8.80% 1996
8.90% 1997
9.00% 1998
9.10% 1999-2000
(Continued)
Interest
Bidder Rates Net Interest
Price Cost & Rate
CRONIN & COMPANY, INCORPORATED 8.35% 1993 $301,340.00 $170,725.00
8.50% 1994 (9.1726%)
8.65% 1995
8.80% 1996
9.00% 1997
9.05% 1998
9.10% 1999
9.20% 2000
MOORE, JURAN AND COMPANY, 8.60%
INCORPORATED 8.75%
8.90%
9.00%
9.10%
9.20%
9.25%
9.30%
1993 $301,645.00 $173,284.38
1994 (9.3101 %)
1995
1996
1997
1998
1999
2000
MILLER, JOHNSON & KUEHN, INC. 8.60% 1993 $301,340.00 $174,479.38
8.75% 1994 (9.3743%)
8.90% 1995
9.00% 1996
9.15% 1997
9.25% 1998
9.30% 1999
9.40% 2000
MILLER & SCHROEDER FINANCIAL, 8.70% 1993 $301,370.50 $176,195.75
INCORPORATED 8.90% 1994 (9.4665%)
9.00% 1995
9.10% 1996
9.25% 1997
9.30% 1998
9.40% 1999
9.50% 2000
FBS INVESTMENT SERVICES, INC. 9.00% 1993-1994 $301,187.50 $178,350.00
9.25% 1995-1997 (9.5822%)
9.50% 1998-2000
These Bonds are not being reoffered.
BBI: 7.56
Average Maturity: 6.10 Years
CE$TIFICATB OP MINUTES
City: Monticello
County: Wright
State: Minnesota
Governing Body: City Council
Meeting: A meeting of the City Council (the "Council") of the City of
Monticello, Minnesota (the "City") held on the 15th day of October,
1990, at 4:00 p. m., at the Council Chambers, 250 Broadway,
Monticello, Minnesota.
Council Members
Present: Shirley Anderson, Daniel Blonigen, Frances Fair
and Mayor Kenneth Maus
Council Members
Absent: Warren Smith
Documents: A copy of the Resolution Authorizing and Awarding the Sale
of, and Providing the Form, Terms, Covenants and Directions
for X305,000 General Obligation Taxable Tax Increment Bonds,
Series 1990D
Certification:
I, the City Administrator of the City do hereby certify the following:
Attached hereto is a true and correct copy of a resolution on file and of
record in the offices of the City, which resolution was adopted by the Council at
the meeting referred to above. Said meeting was a special meeting of the Council,
was open to the public, and was held at the place at which meetings of the Council
are regularly held. Council member Frances Fair moved the
adoption of the attached resolution. The motion for adoption of the attached
resolution was seconded by Council member Shirley Anderson A vote
being taken on the motion, the following voted in favor of the resolution:
Shirley Anderson, Daniel Blonigen, Frances Fair and Kenneth Maus
and the following voted against the resolution: None
Whereupon said resolution was declared duly passed and adopted. The attached
resolution is in full force and effect and no action has been taken by the Council
which would in any way alter or amend the attached resolution.
fitness my hand officially as the acting City Administrator of the City, this
/S_y of October, 1990.
City ministrator