City Council Resolution 1980-29r ~
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MONTICELLO, MINL~ESOTA
HELD : DECED4BER 8 , l9 80
~ aq
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Monticello, Minnesota,
was duly held at the City Hall in said City on the 8th day of
December, 1980, at 7:30 P .b1.
The following members were present: A. Grimsmo,
D. Blonigen, F. Fair, K. Maus & P. White
and the following were absent: None
Member Fair introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE OF
$160,000 GENERAL OBLIGATION IMPROVEMENT BOT1D5 OF 1981
BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota, as follows:
1. It is hereby found, determined and declared that this
City should issue $160,000 General Obligation Improvement Bonds
of 1981 to defray the expense of the construction of various
improvements in the City.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and awarding
the sale of $160,000 General Obligation Improvement Bonds of
1981 of said City.
3. The City Administrator is hereby authorized and
directed to cause notice of the time, place and purpose of said
meeting to be published in the official newspaper of the City and
in Commercial West not less than ten days in advance of date of
sale, as provided by law, which notice shall be in substantially
the form set forth in Exhibit A attached hereto.
4. The terms and conditions of said bonds and the
sale thereof are fully set forth in the "Official Terms of
Offering" attached hereto as Exhibit B and incorporated herein
by reference.
Resolution 1980 #28
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The motion for the adoption of the foregoing resolution
was duly seconded by member Blonigen and upon a vote
being taken thereon, the following voted in favor thereof:
All members
and the following voted against the same: None
~9hereupon said resolution was declared duly passed and
adopted.
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STATE OF MINNESOTA
COUNTY OF F+IRIGHT
CITY OF MONTICELLO
•
I, the undersigned, being the duly qualified and acting
Administrator of the City of Monticello, Minnesota, DO IiEREBY
CERTIFY that I have carefully compared the attached and foregoing
extract of minutes with the original minutes of a meeting of
the City Council held on the date therein indicated, which are
on file and of record in my office, and the same is a full, true
and complete transcript therefrom insofar as the same relates
to the public sale of $160,000 General Obligation Improvement
Bonds of 1981 of the City of Monticello, Minnesota.
WITNESS my hand as such Administrator and the official
seal of the City this $~ day of ~ , 1980.
C' y drain strator
(SEAL)
EXHIBIT A
NOTICE OF BOND SALE
$160,000
CITY OF MONTICELLO
WRIGHT COUNTY
MINNESOTA
i
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1981
These bonds will be offered Monday, January 12, 1981 at 7:30 p.m.,
Central Time, at the City Hall in Monticello, Minnesota. The bands
will be dated February 1, 1981 and interest will be payable
August 1, 1981 and semiannually thereafter. The bonds will be
general obligations of the Issuer for which its unlimited taxing
powers will be pledged. The bonds will mature without right of
redemption on February 1 in the amounts and years as follows:
$15,000
$20,000
1983-1990.
1991-1992
All dates are inclusive.
Sealed bids for not less than $156,875 and accrued interest on the
principal sum of $160,000 will be accepted. No rate of interest
nor the net. effective average rate of the issue may exceed 12 percent
per annum. An acceptable approving legal opinion will be furnished
by Briggs and Morgan, Professional Association, of St. Paul and
Minneapolis, Minnesota. The proceeds will be used. to finance the
construction of various improvements in the City.
Bidders should be aware that the Official Terms of Offering to
be published in the Official Statement for the Offering may
contain additional bidding terms and information relative to the
Issue. In the event of a variance between statements in this
Notice of Bond Sale and said Official Terms of Offering the
provisions of the latter shall be those to be complied with.
Dated: December 8, 1980.
BY ORDER OF THE CITY COUNCIL
/s/ Gary Wieber
City Administrator
EXHIBIT B •
OFFICIAL TERMS OF OFFERING
$ 160,000
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1981
Sealed bids for the Obligations shall be opened by the City Council on Monday, January 12, 1981,
at 7:30 P.M., Central Time, at the City Hall. Consideration of the bids for award of the
Obligations shall immediately follow the opening of bids.
DETAILS OF THE OBLIGATIONS
The Obligations shall be dated February I, 1981 and shall bear interest payable on February I and
August I of each year, commencing August I, 1981. The Obligations shall be general obligations
of the Issuer for which the Issuer shall pledge its full faith and credit and power to levy direct
general ad valorem taxes. In addition the Issuer shall pledge special assessments against
benefited property. The Obligations shall be in the denomination of $5,000 in coupon form and
non-registrable. The proceeds shall be used to finance the construction of various improvements
in the City.
The Obligations shall mature February I, in the amounts and years as follows:
$15,000 1983-1990
$20,000 1991-1992
The Obligations shall not be subject to payment in advance of their respective stated maturity
dates.
TYPE OF BID
A sealed bid for not less than $156,875 and accrued interest on the total principal amount of the
Obligations 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 $1,600
payable to the order of the Issuer shall have been filed with the undersigned or SPRINGSTED
Incorporated, the Issuer's Financial Advisor; no bid will be considered for which said check has
not been filed. Said check of the Purchaser shall be retained by the Issuer as liquidated damages
in the event the Purchaser fails to comply with the accepted bid. No bid shall be withdrawn
after the time set for opening bids, unless the meeting of the Issuer scheduled for consideration
of the bids is adjourned, recessed, or continued to another date without award of the Obligations
having been made. Rates offered by Bidders shall be in integral multiples of 5/ 100 or I/8 of I %.
No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than
I.0%. No rate nor the net effective rate for the entire Issue of the Obligations shall exceed
12.0%. Obligations of the same maturity shall bear a single rate from the date of the Obligations
to the date of maturity and additional coupons shall not be used.
AWARD
The Obligations shall 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 the discount, if any,
to, the total dollar interest on the Obligations from their date to their final scheduled maturity.
The Issuer's computation of the total net dollar interest cost of each bid, in accordance with
customary practice, shall be controlling.
The Issuer sha I I
matters relating
cause, and, (iii)
terms herein.
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reserve the right to: (i) waive non-substantive informalities of any bid or of
to the receipt of bids and award of the Obligations, (ii) reject all bids without
reject any bid which the Issuer shall determine to have failed to comply with the
PAYING AGENT
The Purchaser may name the Paying Agent but shall do so within two business days after the
award of the Obligations. In the event of failure by the Purchaser to name the Paying Agent
within said time the Issuer shall do so. The Issuer shall pay reasonable and customary charges for
the services of the Paying Agent. An alternate Paying Agent may be named by the Purchaser in
the same manner as the principal Paying Agent is named, provided that there shall be no
add itiona I cost to the Issuer.
CUSIP NUMBERS
If the Obligations qualify for assignment of CUSIP numbers such numbers shall be printed on the
Obligations, but neither the failure to print such numbers on any Obligation nor any error with
respect thereto shall constitute cause for failure or refusal by the Purchaser to accept delivery
of the Obligations. 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 Obligations shall be delivered without cost
to the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser. Delivery shall
be subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan
Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion shall be printed
on the Obligations, and of customary closing papers, including a no-litigation certificate. On the
date of settlement payment for the Obligations shall be made in federal, or equivalent, funds
which shall be received at the offices of the Issuer 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
Obligations shall have been made impossible by action of the Issuer, or its agents, the Purchaser
shall be liable to the Issuer for any loss suffered by the Issuer by reason of the Purchaser's non-
compliance with said terms for payment.
At settlement the Purchaser shall be furnished with a certificate signed by appropriate officers
of the Issuer to the effect that the Official Statement prepared for the Obligations 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
Upon request to the Issuer's Financial Advisor prior to the bid opening underwriters may obtain a
copy of the Official Statement. The Purchaser shall be provided with IS copies and may obtain
additional copies at the Purchaser's cost. Any other interested party may obtain a copy, if
available, at a price of five dollars.
Dated December 8, 1980
BY ORDER OF THE CITY COUNCIL
/s/ Gary Wieber
Administrator