City Council Resolution 1987-14CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 87-14
RESOLUTION RELATING TO $155,000 TAXABLE GENERAL OBLIGATION
TAX INCREMENT BONDS, SERIFS 1987B,
DETERMINING THE EXPEDIENCY OF ISSUING THE BONDS
AND PROVIDING FOR THE SOLICITATION OF BIDS THEREFOR
BE IT RESOLVED by the City Council of the City of Monticello, Minnesota
(the "City") as follows:
1. Authorization. It is hereby found, determined and declared that it is
necessary and expedient to the sound financial management of the City for the
City to issue its taxable general obligation tax increment bonds for the purpose of
providing funds to finance the capital and administration casts associated with the
City's Tax Increment Financing Economic Development District #7 undertaken by
the City pursuant to Minnesota Statutes, Section 273.71 to 273.78. ,
2. Sale Terms In order to expedite the. sale of said bonds,. the City
Clerk-Administrator of the City, in consultation with Springsted Incorporated, bond
consultant to the City, is authorized to prepare the circulate to one or more
prospective bidders information relating to the terms and conditions of the bonds
and relating to the financial condition of the City and to solicit bids from said
prospective bidders for the purchase of tha bonds. This Council shall meet on
Monday, June 8, 1987, to consider bids for the purchase of the bonds and take such
action thereon as is deemed appropriate.
Attes .
erk-Adm' istrator
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Mayor
CERTIFICATION OF ~i UTES
Municipality: City of Monticello, :Minnesota
Governing body: City Council
Meeting: A meeting of the City Council of the City of Monticello,
Minnesota held on the 11th day of May, 1987, at 7:30 p.m, at
the City Hall in the City of iblonticello, :Minnesota.
Members
present: D. Blonigen, F. Fair, W. Fair & W. Smith
Members
absent: A. Grimsmo
Documents: A copy of a resolution adopted by the City Council of the City
of :Monticello at said meeting.
Certification:
I, Thomas A. Eidem, Clerk-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
W. Fair moved the adoption of the attached resolution. The motion for
adoption of the attached resolution was seconded by Member D. Blonigen A
vote being taken on the motion, the following voted in favor of the resolution:
All members present
and the following voted against the resolution: None
1
Whereupon said resolution was declared duly passed
resolution is in full force and effect and no action
Council of the City of ~YIonticello which would in
attached resolution.
and adopted. The attached
has been taken by the City
any way alter or amend the
Witness my hand officially as the City Clerk-Administrator of the City of
37onticello, :Minnesota, this 11th day of iMay, 1987.
City Clerk-Administrator
RESOLUTION 87-14
RESOLUTION RELATING TO $155,000 GENERAL OBLIGATION
TAXABLE TAX INCREMENT BONDS, SERIES 1987
DETERMINING THE EXPEDIENCY OF ISSUING THE BONDS
AND PROVIDING FOR THE SOLICITATION OF BIDS THEREFOR
BE IT RESOLVED by the City Council of the City of Monticello,
Minnesota (the "City") as follows:
1. Authorization. It is hereby found, determined, and declared
that it is necessary and expedient for the City, in accordance
with the provisions of Minnesota Statutes, Sections 273.71
through 273.78, forthwith to borrow money by the issuance
of its general obligation tax increment bonds in the principal
amount not to exceed $155,000, which amount is within the
limitations specified in Chapter 475, Minnesota Statutes,
for the purpose of financing public redevelopment costs
of a redevelopment project undertaken by the Housing and
Redevelopment Authority in and for the City of Monticello,
Minnesota, pursuant to Minnesota Statutes, Chapter 462.
2. Sale Terms. In order to expedite the sale of said bonds,
the City Administrator of the City, in consultation with
Springsted Incorporated, bond consultant to the City, is
authorized to prepare and circulate to one or more prospective
bidders information relating to the terms and conditions
of the bonds and relating to the financial condition of
the City and to solicit bids from said prospective bidders
for the purchaser of the bonds. This Council shall meet
on such date as it may deem expendient to consider bids
for the purchase of the bonds and take such action thereon
as is deemed appropriate.
Adopted by the City Council this 11th day of May, 1987.
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Thomas A. Eidem
City Administrator
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Arve A. Grimsmo, Mayor