City Council Resolution 1984-10RESOLUTION 1984 #10
Member Kenneth Maus introduced the following resolution
and moved its adoption:
RESOLUTION RELATING TO $155,000GENERAL OBLIGATION
TAX INCREMENT BONDS, SERIES 1984,
DETERMINING THE EXPEDIENCY OF LSSUING 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 expedient to consider bids for the purchase of the bonds and
take such action thereon as is deemed appropriate. ~ _
Adopted this 9th day of April, 1984.
I ,
Attes : ---~-a
Secretary
Mayor