City Council Resolution 1984-51CITY OF MONTICBLLO, )lilaiNB30'fA
Ii<B30LDTION NIIMBBB 1984 #51
RBSOLUTION AUTHORIZING LSSUANCE OF #860,000
GENERAL OBLIGATION BONDS, SERIES 1985A
OF THE CITY OF MONTICELLO, MINNESOTA
BE IT RESOLVED by the City Council ("this Council's of the City of Monticello,
Minnesota (the TMCity'~, as follows:
1. Bond Purpose and Authorization of Sale.
a. Pursuant to the provisions of Minnesota Statutes, Chapter 475, the
Council is authorized to issue bonds in such amount as it deems
necessary for the acquisition and betterment of public buildings, and
for the acquisition of equipment for fire fighting.
b. A majority of persons voting on the question of whether the City
should issue its general obligation bonds in an amount not exceeding
X863,000 to finance the acquisition or betterment of a fire station
approved such issuance.
c. It is hereby found, determined and declared that the City should issue
and the City hereby authorizes and directs the issuance and sale of
its X860,000 General Obligation Bonds, Series 1985A (hereinafter
referred to as the "Bonds") to provide funds to finance the
acquisition, construction and improvement of a Fire Station and
necessary equipment required therein.
2. Sale. This Council shall meet at the time and place specified in the form of
Official Notice of Bond Sale for the Bonds for the purpose of opening and
considering sealed bids for, and awarding the sale of the Bonds.
3. Notice of Bond Sale. The City Administrator of the City is directed to cause
notice of advertisement for sealed bids for the purchase of the Bonds to be
published in the official newspaper of the City, and in Commercial West, at
Minneapolis, Minnesota, in substantially the form attached hereto as Exhibit
A, no fewer than ten days before the date of the Council meeting referred
to above. Each and all of the terms and provisions set forth in the Official
Notice of Bond Sale are adopted and confirmed as the terms and conditions
of the Bonds and the sale thereof.
4. Terms and Conditions of Bond Sale. The terms and conditions of sale in
substantially the form set forth in the Official Terms of Bond Sale attached
hereto as Exhibit B and incorporated herein by reference, shall constitute
the terms and conditions for the sale of the Bonds, and the Council hereby
authorizes the incorporation of such terms and conditions in the material to
be distributed to prospective bidders for the Bonds.
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Information for bidders and bidding forms may be obtained from the
undersigned or from SPRINGSTED Incorporated, 800 Osborn Building, Saint Paul,
Minnesota 55102; telephone: 612-222-4241, financial consultants to the City.
Adopted this 26th day of November, 198
Attest: Mayor
r
City Administ for
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EXHIBIT A
OFFICIAL NOTICE OF 3ALB
City of Monticello, Minnesota
5860,000 C3eneral Obligation Hands,
aeries 1!$5A
NOTICE B HEREBY GIVEN that sealed bids for the purchase of 5860,000
General Obligation Bonds, Series 1985A, of the City of Monticello, Minnesota (the
"City'') (hereinafter referred to as the "Bonds") will be received until 7:30 p.m.,
Central Time, on the 14th day of January, 1985, at the Monticello City Hall, at
which time any bids received will be opened and tabulated. Bids of not less than
5843,660 and accrued interest on the Bonds will be accepted. The bids will be
considered and acted upon by the City Council of the City (the "Council")
immediately following the opening of the bids.
The Bonds will be issued pursuant to Minnesota Statutes, Chapter 4?5, for
the purpose of financing the acquisition, construction and improvement. of a fire
station and necessary equipment required therein. The Bonds will be issued as fully
registered bonds in denominations of 55,000, or any authorized integral multiple
thereof, will be initially dated February 1, 1985, and will mature serially on
February 1 in the following years and amounts:
Year ~ Amount
1986 530,000
1987-1988 35,000
1989 40,000
1990 45,000
1991-1992 50,000
1993 100,000
1994 110,000
1995 120,000
1996 130,000
1997 115,000
Interest will be payable on August 1, 1985, and semiannually on each February 1
and August 1 thereafter. The Bond are subject to redemption prior to maturity on
February 1, 1993 and any interest payment date thereafter. No rate of interest nor
the net effective rate of the issue may exceed the statutory limit.
An approving legal opinion for the Bonds will be furnished by Holmes Lac Graven,
Chartered, of Minneapolis, Minnesota. Copies of the detailed Terms and
Conditions of Sale and additional information for the Bonds may be obtained from
the undersigned or from the financial consultants of the City:
SP RIN GSTE D Incorporated
800 Osborn Building
Saint Paul, Minnesota 55102
Telephone: (612) 222-4241
Dated: November 26, 1984 BY ORDER OF THE CITY COUNCIL OF
THE CITY OF MONTICELLO, MINNESOTA
gy Thomas A. Eidem
City Administrator
Exhibit B
OFFICIAL TERMS OF OFFERING
$~~~
CITY OF MONTICELLO, MIMESOTA
GENERAL OBLIGATION BONDS, SERIES 1985A
Sealed bids for the Bonds will be opened by the City Council on Monday, January 14, 1985, at
7:30 P.M., Central Time, at the Monticello City Hall. Consideration for award of the Bonds will
immediately follow the opening of bids.
DETAILS OF THE BONDS
The Bonds will be dated February I, 1985 and will bear interest payable on February I and
August I of each year, commencing August I, 1985. 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 integral multiples of $5,000, 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
the last business day prior to the interest payment date to the registered holder thereof at his
address as it appears on the books of the Registrar as of the ISth of the calendar month next
preceding the interest payment.
The Bonds will mature February I in the amounts and years as follows:
$30,000 1986 $ 45,000 1990 $110,000 1994 $130,000 1996
$35,000 1987-1988 $ 50,000 1991-1992 $120,000 1995 $115,000 1997
$40,000 1989 $100,000 1993
The City may elect on February I, 1993, and on any interest payment date thereafter, to prepay
Bonds due on or after February I, 1994. 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. The proceeds will be used for the
acquisition, construction and improvement of a fire station and necessary equipment required
therein.
TYPE OF BID
A sealed bid for not {ess than $843,660 and accrued interest on the total principal amount of the
Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also
prior to the time set for bid opening, a certified or cashier's check in the amount of $8,660,
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 shal I be in integral multiples of 5/ 100 or
I/8 of 1916. No rate for any maturity shall be more than 196 lower than any prior rate. No rate
nor the net effective rate for the entire Issue of the Bonds shall exceed the maximum rate
permitted by law. 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 off ices of the City,
or its designee, not later than I:00 P.M., Central Time of the day of settlement. 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.
At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers
of the City, to the effect that the Official Statement did not as of the date of the Official
Statement, and does not as of the date of settlement, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading.
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 15 copies of the Official
Statement.
Dated November 26, 1984 BY ORDER OF THE CITY COUNCIL
/s/ Thomas A. Eidem
Clerk-Administrator
CERTIFICATION OF MINUTES RELATING TO THE RESOLUTION
AUTHORIZING THE SALE OF X860,000
C3ENERAL OBLIGATION BONDS, SERIES 1985A
OF THE CITY OF MONTICELLO, MINNESOTA
City: Monticello
County: Wright
State: Minnesota
Governing body: City Council
Meeting: A meeting of the City Council (the "Councils of the City of
Monticello, Minnesota (the "City~~ held on the 26th day of November,
1984, at p. m., at the Council Chambers.
Council members present:
Council members absent:
Documents: A copy of the above referenced resolution adopted by the Council at
said meeting.
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 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
moved the adoption of the attached resolution. The motion for adoption of the
attached resolution was seconded by Council member
A vote being taken on the motion, the following
voted in favor of the resolution:
and the following voted against the resolution:
....,,..:upon said resolution was declared duly passed and adopted. 1?~e 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.
Witness my hand officially as the acting City Administrator of the City, this
day of , 1984.
City Administrator