City Council Resolution 1989-22CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 1989-22
BEING A RESOLUTION AUTHORIZING AND AWARDING THE
SALE OF, AND PROVIDING THB FORM, TERMS,
COVENANTS AND DIRECTIONS FOR $245,000
GENERAL OBLIGATION IMPROVEMBNT BONDS,
3BRTffi 1989E
BE IT RESOLVED BY THE CITY COUNCIL (THE "COUNCIL") OF THE
CITY OF MONTICELLO, MINNESOTA (THE "ISSUER") AS FOLLOWS:
Section 1. Recitals.
1.01 On June 12, 1989, the Council of the Issuer passed its Resolution No.
1989-18, authorizing the issuance of $245,000 General Obligation Improvement
Bonds, Series 19898 (the "Bonds"), authorizing publication of the Official Notice of
Sale, and soliciting bids for the purchase of the Bonds.
1.02 The Issuer is authorized to issue the Bonds pursuant to Minnesota
Statutes, Chapters 429 and 475, for the purpose of providing funds to pay the costs
of certain improvements (the "Improvements") undertaken by the Issuer pursuant to
Minnesota Statutes, Chapter 429. In compliance with Minnesota Statutes, Section
475.58, the estimated collection of special assessments from the benefited
property is not less than 20% of the cost of the Improvements for which the Bonds
are sold.
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 Finacial 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 t0 First Bank National Association (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 $ 242, 672.SOplus accrued interest to the date of delivery, the Bonds to
bear interest at the rates per annum as follows:
Year of Interest Year of Interest
Maturit Rate Maturit Rate
1991 6.00 % 1996 6.40 ~~6
1992 6.20 1997. 6.45
1993 6.25 1998 6.50
1994 6.30 1999 6.60
1995 6.35 2000 6.60
The 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
$245,000, dated August 1, 1989, 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, 1990, 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 Year Amount
1991 $ 15,000 1996 $ 25,000
1992 20,000 1997 25,000
1993 25,000 1998 25,000
1994 25,000 1999 30,000
1995 25,000 2000 30,000
2.04 All Bonds maturing on or after February 1, 1998, shall be subject to
redemption and prior payment in whole or in part in inverse order of maturity and
by lot within maturity at the option of the Issuer on February 1, 1997, and any
interest payment 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 Company (the
"Registrar"), or at the office of such other successor regnstrar as the Issuer may
hereafter designate upon 60 days mailed notice to the registered owners. Interest
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-
S
GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 19898
Interest Rate Maturit
Nominal Date of Original Issue
CUSIP
August 1, 1989
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 August 1, 1989, 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, 1990, until said
principal sum is paid. Principal is payable in lawful money RegUtard Transfer
America at Minnesota, or at the offices of such
Agent and Paying Agent, in
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.
This Bond is one of a series of Bonds in the aggregate principal amount of
Two Hundred Forty-Five Thousand Dollars ($245,000) 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 pay the costs of certain
improvements pursuant to an authorizing resolution (the "Resolution") adopted by
the City Council of the City on July 10, 1989, and pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota, including
Minnesota Statutes, Chapters 475 and 429.
The Bonds of this series are payable from the General Obligation
Improvement Bonds, Series 1989B 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.
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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 City has designated the Bonds as "Qualified Tax-Exempt Obligations"
within the meaning of Section 265 of the Internal Revenue Code of 1986, as
amended.
The Bonds of this series are issuable only as fully registered bonds without
coupons in denominations of X5,000 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 Bonds 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
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
Administrator, both as of the Nominal Date of Original Issue specified above.
Dated:
THE CITY OF MONTICELLO, MINNESOTA
By
(Facsimile)
Mayor
(Facsimile)
Administrator
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds described in the within mentioned Resolution.
Bond Registrar
By
Authorized Signature
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
(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.
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.
Please Insert Social Security Number
or Other Identifying Number of
Assignee.
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(Form of Certificate)
CERTIFICATE AS TO LEGAL OPINION
I, Rick Wolfsteller, 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 do Graven, Chartered, of Minneapolis,
Minnesota, which was delivered to me upon delivery of the Bonds and is now on file
in my office.
(Facsimile)
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 _ 1S 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 sY:3ll 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
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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 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 do 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 Administrator. When said Bonds 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 Administrator delivered to the Purchaser
thereof shall be a lull 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
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
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 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 arbitrage certificate referred to below and the signed approving
legal opinion of Holmes do Graven, Chartered, as to the validity and enforceability
of the Bonds and the exemption of interest thereon from federal and Minnesota
income taxation (other than Minnesota corporate and financial institution franchise
taxes measured by net income) 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 Improvement Bonds, Series 19898 Fund" (the "Bond Fund") held
and administered by the 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 and any other general obligation bonds hereafter issued
and made payable from the Bond Fund, and the interest thereon, have been fully
paid. In the Bond Fund there shall be maintained three separate accounts, to be
designated as the "Capital Account," the "Debt Service Account," and the "Reserve
Account," respectively.
Capital Account. The proceeds from the sale of the Bonds, plus any special
assessments levied with respect to the Improvements and collected prior to
completion of the Improvements and payment of the costs thereof, 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 Improvements, 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. A
separate subaccount shall be maintained in the Capital Account to record
expenditures for each Improvement.
8
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) collections of special assessments
levied with respect to the Improvements pledged to the payment of principal and
interest on the Bonds and received after completion of construction of the
Improvements (except for any prepayments of special assessments deposited in the
Reserve Account), (c) capitalized interest in the amount of $ 4, 290 , (d)
collections of any general ad valorem taxes levied for the payment of the Bonds,
(e) all funds remaining in the Capital Account after completion of the
Improvements and payment of the costs thereof, and (f) revenues derived from
other sources and available and pledged to pay principal and interest on the Bonds.
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 bonds
hereafter issued and made payable from said Debt Service Account as provided by
law, except that upon discharge of the Bonds and any additional bonds made
payable from the Debt Service Account, the Issuer may use any remaining funds in
accordance with Minnesota Statutes, Section 429.091, subdivision 4.
Reserve Account. All prepayments of special assessments levied with
respect to the Improvements shall be credited to the Reserve Account. Monies in
the Reserve Account may be used, if necessary, to pay principal of or interest on
the Bonds on any interest payment date and shall be used to redeem outstanding
Bonds on the first redemption date.
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 Issuer for the years and in the
amounts as follows:
Lew Year
Collection Year Amount Levied
[See Attachment]
Said tax levies are such that if collected in full, they together with collections of
the special assessments levied with respect to the Improvements and other amounts
to be provided by the Issuer will produce at least five percent (596) 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
fnr 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 The 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
9
October 1 in each year in order to cancel the taxes levied pursuant to this
Resolution for collection the following year.
5.04 Interest earnings from the investment of money in each account of
the Bond Fund shall be deposited in the respective accounts.
Section 6. Miscellaneous.
6.01 The Issuer covenants and agrees with the Purchaser and holders of
the Bonds that the investments of proceeds of the Bonds, including the investment
of any amounts pledged to the Bonds which are considered proceeds under the
applicable regulations, and accumulated sinking funds, if any, shall be limited as to
amount and yield in such manner that the Bonds shall not be arbitrage bonds within
the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the
"Code"), and any regulations thereunder. On the basis of the existing facts,
estimates and circumstances, including the foregoing findings and covenants, the
Issuer hereby certifies that it is not expected that the proceeds of the Bonds will
be used in such manner as to cause the Bonds to be arbitrage bonds under Section
148 of the Code and any regulations thereunder. The Mayor and Administrator
shall furnish an arbitrage certificate to the Purchaser embracing or based on the
foregoing certification at the time of delivery of the Bonds to the Purchaser. The
proceeds of the Bonds will likewise be used in such manner that the Bonds are not
private activity bonds under Section 103(b) of the Code.
6.02 The Issuer hereby designates the Bonds as "Qualified Tax-Exempt
Obligations" within the meaning of Section 265 of the Code. With respect to such
designation, the Issuer covenants that it does not reasonably anticipate issuing
qualified tax-exempt obligations in an aggregate amount greater than $10,000,000
in calendar year 1989.
6.03 The 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 Wright
County Auditor, together with such other information as such auditor may require,
and to obtain from the county auditor a certificate that the Bonds have been
entered upon his bond register.
6.04 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.
6.05 The Issuer covenants that it will file with the Internal Revenue
Service the information required under Section 149(e) of the Code.
Adopted this 10th day of July, 1989.
Administrator
Mayor
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iEVY YEAR COLLECTION YEAR AMOUNT LEVIED
1989 1990 $18,402
1990 1991 21,453
1991 1992 26,101
1992 1993 25,160
1993 1994 24,207
1994 1995 23,240
1995 1996 22,260
1996 1997 21,267
1997 1998 25,510
1998 1999 24,138
' „ SPRINGSTED
PUBLIC FINANCE ADVISORS
85 East Seventh Place, Suite 100
Saint Paul, Minnesota 55101.2143
612.223.3000
Fax: 612.223.3002
$245,000
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 19898
AWARD: FIRST BANK NATIONAL ASSOCIATION
SALE: July 10, 1989 Moody's Rating: A
Interest Net Interest
Bidder Rates Price Cost & Rate
FIRST BANK NATIONAL ASSOCIATION 6.00% 1991 $242,572.50 $103,971.25
6.20% 1992 (6.6118%)
6.25% 1993
6.30% 1994
6.35% 1995
6.40% 1996
6.45% 1997
6.50% 1998
6.60% 1999-2000
MOORE, JURAN AND COMPANY, 6.20%
INCORPORATED 6.25%
6.30%
6.40%
6.50%
6.60%
6.65%
1991 $242,427.50 $104,862.50
1992 (6.6685%)
1993-1994
1995-1996
1997
1998-1999
2000
MILLER SECURITIES, INCORPORATED 6.25% 1991-1992 $242,305.00 $104,870.00
6.30% 1993 (6.6689%)
6.35% 1994
6.40% 1995
6.45% 1996
6.50% 1997
6.55% 1998
6.60% 1999-2000
(Continued)
Indiana Office:
251 North Illinois Street, Suite 1510
Indianapolis, Indiana 462041942
317.2373636
Fax: 317.237.3639
Wisconsin Office:
500 Elm Grove Road, Suite 101
Elm Grove, Wisconsin 53122.0037
414.782.8222
Fax: 414.782.2904
Interest Net Interest
Bidder _ Rates Price Cost & Rate
PIPER, JAFFRAY & HOPWOOD 6.25% 1991 $241,815.00 $106
192
50
INCORPORATED 6.30°,6 1992 ,
.
(6.791256%)
6.35% 1993
6.40% 1994
6.45% 1995
6.50% 1996
6.60% 1997
6.65% 1998
6.70% 1999
6.75% 2000
These bonds are being reoffered at par.
BBI: 7.00
Average Maturity: 6.42 years
CERTIFICATION OF MINUTES
Issuer: The City of Monticello
Governing body: City Council
Meeting: A meeting of the City Council of the City of Monticello,
Minnesota held on the 10th day of July, 1989 at 7:00 p. tn.
at the City Hall in the City of Monticello, Minnesota.
Council Members
present: Kenneth Maus, Shirley Anderson, Daniel Blonigen,
Frances Fair and Warren Smith
Council Members
absent: None
Documents: A copy of a resolution adopted by the City Council of the City
of Monticello at said meeting.
Certification:
I, Rick Wolfsteller, Administrator of the City of Monticello 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 of Monticello, which resolution was adopted by the
City Council, at the meeting referred to above. Said meeting was a
regular meeting of the City Council, was open to the public, and was held
at the time and place at which meetings of the City Council are regularly held.
Member Fair moved the adoption of the attached resolution. The
motion for adoption of the attached resolution was seconded by Member
smith A vote being taken on the motion, the following voted in favor of
the resolution: Maus, Anderson, Blonigen, Fair and Smith
and the following voted against the resolution: None
1
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 City
Council of the City of Monticello which would in any way alter or amend the
attached resolution.
W~it~ness my hand officially as the Administrator of the City of Monticello
this ~_~-day of 7~, 1989.
~~
f ~~, t^- ~a r,`
City administrator
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