City Council Resolution 1981-28
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Extract of Minutes of Meeting of the
City Council of the City of:
Monticello, Minnesota
Pursuant to due call and notice thE~.reof, a regular mee~k.ing
of the Cii:,y Council of the City of Monticello, Minnesota was duly
.held at City Hall in said City on Monday, the 3rd day of August,
1981, at ;x:30 o'clock P.M.
The following Councilmembers were present:
Grimsmo, Blonigen and Maus
and the following were absent:
Fair and White
k ~ ~,~
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Councilmember Maus introduced and rt_~ad the fo.llowilig
written resolution and moved i.ts adoption:
RESOLUTION N0. 1981-7F3
RESOLUTION AMENDING PRELIMINAR"x' APPROVAL
TO A PROJECT UI~fDER 'I'HE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT AND AUTHORIZING PUBLIC
UNDERWRITING OF' BONDS
The motioi, for the adoption of the foregoing resolution
was duly ;>econded by Councilmember Blonigen, ~-ind upon vote beir:g
taken thereon the following voted in favor thy-r+~of:
Grimsmo, Blonigen and Ma~.i:
and the followi.nc~ voted against the samE~
None
whereupon said resolution was declared duly p~is;;ed and adopted.
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RESOLUTION N0. 1981-~28
RESOLUTION AMENDING PRELIMINA~;Y APPRO'JAL
TO A PROJECT TINDER THE MUNICII'AI.~ INDUSTRIAL
DEVELOPIYiENT ACT AND AUTHORTZI.1\fG PUBLIC
UNDERw:ftITING OF BONDS
BE IT RESOLVED by the City Council (t.his 10Coui~c:i l_") of
the City c>f Monticello, Minnesota (the "City"), as follows:
1. By Resolution No. 1981-15 dated April 2`7, 1981 (the
"Resolution."), this Council gave preliminary L~pproval to the Project
(as defined :Ln the Resolution) under the Municipal Industrial
Developmer~,t Act to be constructed by Medical facilities Coitz~>any, a
Minnesota pa~rtriers~zip (the "Partne:rship" ); rE~ferred the proY~osal too
the Minnesota Commissioner of Securities for apr?roval; ~~.nd author-
ized preparation of necessary documents.
2 . Pursuant to Section 1 . 1 o:E the Reso.. a tion, the Bonds (as
defined in the Resolution) aa:e to be issued a,~d sold to an i.nstitu-
t:ional investor or investors as to}; exempt mortgage and equipn~~ent
financings.
3. The I~artnership has advised this Co~inci_1 that institutional
investment: funds currently are not readily av~~ii:i_ab_le and cahetl
available only in a ~i.irnit.ed amount and at intE:~rE~st rages that w,-~iald
make the I':c.oj ect (as defined in the Resoluti.or:~) not economically
feasible.
4. `Che Pal~t_?lership has also advised this Council that. it has
received a firm ul.derwritirrg commitment from ~~ui an & Moody, Iric. , a
municipal bond underwri ~Gr, fo:r a public sale o1:~ the Bonds :iri an
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amount and at interest rates that would permit tl;e Project to go
orward on an economically feasible basis.
5. It is hereby found and determined th,a.t it is desirable
.hat Section 1.1 of the Resolution be amended. t.o authorize ~i r~ublic
underwriting of the Bonds in order to enable tt~.e Partnership to
complete t:.he Project. and consummate the finan:ing thereof.
Adopted by the City Council of the ::ity of Mont3_cello,
P~linnesota, the 3rd day of August, 1981..
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y~
rv~"~ e Grirns/m~ol,"`~M~lyor
Attest:
_!~.l_ __. ~~~=
ar Wie -, City t3dmi.n.istrator
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STATE OF HtiIINNESOTA )
ss.
COUNTY OF WR I s:;HT )
I, the u.nclersigned, being the duly qualified and acting
City Admix:~istrator of the City of Monticello, Minnesota, do hereby
certify tl'~at I have compared the attached ext.z-act of minzztes of a
regular meeting of the City Council of the City held on Monday, the
3rd day o.f August, 19£il, with the original thereof on file in ~:iy
office, and that the attached extract is a ful.]_, true and correct
transcrip~f o:E the original insofar as such minutes reaate to a
resolution. azitlzorizing the public under:~writincr of the $1,400,000
Commercial Development Revenue Bonds (Medical I';~cilities Company
Project) of the City.
WI'_CNESS My Band and seal as said Cit.~~ Adm_inist.rator this
/S/~i day of August, 198.1.
Wieb C:i.ty Administrator_
(Seal)