City Council Resolution 1988-11` j
CITY OF MONTICELLO, MINNESOTA
RESOLUTION NIIMBER 88-11
RESOLUTION AUTHORIZING ISSUANCE OF $1,625,000GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1988A OF THE CITY OF MONTICELLO
BE IT RESOLVED by the City Council (the "Council") of the City of
Monticello, Minnesota (the "Issuer"), as follows:
1. Bond Purpose and Authorization Sale.
a. Pursuant to the provisions of Minnesota Statutes, Chapter 429
and 475, the Issuer is authorized to issue bonds for the purposes of providing
funds to finance certain improvements (the "Improvements") undertaken by
the Lssuer pursuant to '~'linnesota Statutes, Chapter 429.
b. It is hereby found, determined and declared that (i) the
issuance of the Series 1988 A Bonds is necessary and desireable to provide
funds to finance costs of improvements in the City; and (ii) to provide for
issuance costs thereof; and that the Issuer should issue, and the Issuer
hereby authorizes and directs the issuance and sale of, its General
Obligation Improvement Bonds, Series 1988A in the aggregate principal
amount of $1, 625 , 000 {the "Bonds").
2. Sale. This Board shall meet at the time and place specified in the
forms of Official Notice of Bond Sale for the Bonds attached hereto as Exhibit A
for the purpose of opening and considering sealed bids for, and awarding the sale of
the Bonds.
3. Notice of Bond Sale. The Board hereby authorizes, ratifies and
confirms the publication o notice of advertisement for sealed bids for the Bonds in
the official newspaper of the City, and in Commercial West, at Minneapolis,
Minnesota, in substantially the forms attached hereto as Exhibit A. Each and all of
the terms and provisions set forth in such notice are adopted and confirmed as the
terms and conditions of the Bonds and the sale thereof.
4. Official Terms of Offering. The Official Terms of Offering of the
Bonds in substantially the form attached hereto as Exhibit B shall constitute the
terms and conditions for the sale of the Bonds, and the Board hereby authorizes the
incorporation of such terms and conditions in the material to be distributed to
prospective bidders for the Bonds.
Information and bidding forms may be obtained from the undersigned or
from Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul,
Minnesota 55101-2143; telephone: 612-223-3000, financial consultants to the
County.
Dated this 25th day of April, 1988.
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Attest:
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EXHIBIT A
OFFICIAL NOTICE OF SALE
City of Monticello, Minnesota
$1, 625, 000 General Obligation Improvement Bonds
Series 1988A
NOTICE LS HEREBY GIVEN that sealed bids for the purchase of $1,625,000
General Obligation Improvement Bonds, Series 1988A (hereinafter referred to as
the "Bonds") of the City of Monticello, Minnesota (the "Issuer") will be received
until 12:00 noon, Central Time, on the 23rd day of May, 1988, at the offices of
Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota
55101-2143, at which time any bids received will be opened and tabulated. Bids of
not less than $1, 600 , 625 and accrued interest on the Bonds will be accepted. The
bids will be considered and acted upon by the City Council (the "Council") at a
meeting of the Council at 7:30 p.m., Central Time, of the same day.
The Bonds will be issued pursuant to Minnesota Statutes, Chapters 475 and
429, for the purpose of financing certain improvements within the City. The Bonds
will be issued as fully registered bonds in denominations of $5,000, or any integral
multiples thereof as requested by the Purchaser, will be dated June 1, 1988, and
will mature serially on February 1 in the following years and amounts:
Year Amount Year Amount
1990 25,000 1998 110,000
1991 85,000 1999 120,000
1992 90,000 2000 125,000
1993 90,000 2001 130,000
1994 95,000 2002 140,000
1995 100,000 2003 145,000
1996 105,000 2004 155,000
1997 110,000
Interest will be payable on each February 1 and August 1, commencing August 1,
1989. The Bonds maturing on or after February 1, 1997, will be subject to
redemption and prepayment on February 1, 1996, and any interest payment date
thereafter at a price equal to par plus accrued interest.
An approving legal opinion for the Bonds will be furnished by Holmes ~
Graven, Chartered, of Minneapolis, Minnesota. Copies of the detailed Official
Terms of Offering and additional information for the Bonds may be obtained from
the undersigned or from the financial consultants of the Issuer:
SPRINGSTED INCORPORATED
85 East Seventh Place, Suite 100
St. Paul, Minnesota 55101-2143
Telephone: (612) 223-3000
Dated: [Date of Publication]
BY ORDER OF THE CITY COUNCIL
OF THE CITY OF MONTICELLO,
MINNESOTA
By
E~~HIBIT B
OFFICIAL TERMS OF OFFERING
$1,625,000
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A
Sealed bids for the Bonds will be opened by the City on Monday, May 23, 1988, at 12:00 Noon, Central
Time, at the offices of SPRINGS TED Incorporated, 85 East Seventh Place, Svite 100, Saint Paul,
Minnesota 55101-2143. Consideration for award of the Bonds will be by the City Council at 7:30
P.M., Central Time, of the same day.
DETAILS OF THE BONDS
The Bonds will be dated June I, 1988, as the date of original issue, and will bear interest payable on
February I and August I of each year, commencing August I, 1989. Interest will be computed upon
the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the
MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof
as requested by the Purchaser, and fully registered as to principal and interest. Principal will be
payable at the main corporate office of the Registrar and interest on each Bond will be payable by
check or draft of the Registrar mailed to the registered holder thereof at his address as it appears on
the books of the Registrar as of the 15th day of the calendar month next preceding the interest
payment.
The Bonds will mature February I in the amounts and years as follows:
$25,000 1990 $100,000 1995 $120,000 1999 $140,000 2002
$85,000 1991 $105,000 1996 $125,000 2000 $145,000 2003
$90,000 1992-1993 $110,000 1997-1998 $130,000 2001 $155,000 2004
$95,000 1994
OPTIONAL REDEMPTION
The City may elect on February I, 1996, and on any interest payment date thereafter, to prepay
.Bonds due on or after February I, 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. All
prepayments shall be at a price of par and accrued interest.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition the City will pledge special
assessments against benefitted property. The proceeds will be used to finance various improvements
within the City.
TYPE OF B ID
A sealed bid for not less than $1,600,625 and accrued interest on the total principal amount of the
Bonds shall be filed with the undersigned prior to the time set for the openin of bids. Also prior to
the time set for bid opening, a certified or cashier's check in the amount of 16,250, payable to the
order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's
Financial Advisor. No bid will be considered for which said check has not been filed. The check of
the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to
comply with the accepted bid.. The City will deposit the check of the Purchaser, the amount of which
will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids unless
the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates offered by Bidders shall be in
integral multiples of 5/100 or I /8 of I~. No rate specified for a maturity shall exceed the rate
specified for any subsequent maturity. Bonds of the same maturity shall bear a single rate from the
date of the Bonds to the date of maturity.
AWARD
The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by
the deduction of the premium, if any, from, or the addition of any amount less than par, to the total
dollar interest on the Bonds from their date to their final scheduled maturity. The City's
computation of the total net dollar interest cost of each bid, in accordance with customary practice,
will be controlling.
The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters
relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii)
reject any bid which the City determines to have failed to comply with the terms herein.
REGISTRAR
The City will name the Registrar which shall be subject to applicable SEC regulations. The City will
pay for the services of the Registrar.
CUSIP NUMBERS
if the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but
neither the failure to print such numbers on any Bond nor any error with respect thereto will
constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP
Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the
Purchaser.
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery will be subject to
receipt by the Purchaser of an approving legal opinion of Holmes & Graven, Chartered of
Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers,
including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made
in federal, or equivalent, funds which shall be received at the offices of the City, or its designee, not
later than I :00 P.M., Central Time. Except as compliance with the terms of payment for the Bonds
shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to
the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said
terms for payment.
OFFICIAL STATEMENT
Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor
prior to the bid opening. The Purchaser will be provided with 25 copies of the Official Statement.
Dated April 25, 1988
BY ORDER OF THE CITY COUNCIL
/s/ Rick Wolfsteller
Administrator
CERTIFICATION OF MINUTES
Municipality: City of Monticello, Minnesota
Governing body: City Council
~geeting: A meeting of the City Council of theof i Apol~ ~11988~e11g~
3innesota held °n m h at Zthe C ty Hall in the City of
7:30 p•
Monticello, :Minnesota.
?Members Fran Fair and Warren Smith
Arve Grimsmo, Dan Blonigen,
present:
Members
absent: Bill Fair
of a resolution adopted by the City Council of the City
Documents: A copy
of Monticello at said meeting.
Certification:
I, Rick Wolfsteller, Administrator of the City of Monticello do hereby
certif y the f ollowing:
Attached hereto is a true and correct copy of a resolution on f ~1e and of
record in the offices of the City of Montocall~Ve Said meeting was a dopteda y the
City Council, at the meeting referred t
meeting of the City Council, was open to Counc llcare r egularly held e tMembea
place at which meetings of the City
F. Fair moved the adoption of the attached resolution. The motion. foAr
adop iotiot n of the attached resolution was seconded by Member c~~; r~
vote being taken on the motion, the following voted in favor of the resolution:
Arve Grimsmo, Fran Fair and Warren Smith
and the following voted against the resolution: pan Blonigen
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.
Witness my hand officially as
1Ronticello, 'Viinnesota, this ~l~day of
the City Administrator of the t;iLy of
G~/ , 19 8 8.
Ci y inistrator
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