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City Council Resolution 1977-15RESOLUTION DETERMINING THE NECESSITY FOR AND AUTHORIZING THE, ACQUISITION OF CERTAIN PROPERTY BY PROCEEDINGS IN EMINENT DOMAIN WHEREAS, the city council has heretofore determined that the City of Monticello should construct sanitary sewer ex- tensions to service Oakwood Industrial Park and other areas south of Interst--ate 94 in Monticello, Minnesota. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF MONTICELI:O, MINNESOTA, AS FOLLOWS: 1. Acquisition by the city of the following described property is necessary for the purpose of extension of sanitary sewer to Oakwood Industrial Park and other areas south of Interstate 9.~ in Monticello, Minnesota. Lots 9 and 10, Block 5O, Lower Monticello, according to the plat on file i.n the Office of the County Re- corder, Wr~.ight Country, Minnesota. DESCR.IPTIO~ OF EASEMENT: A permanent easement for public utility purpose-s over, under, and across that part of said Lots 9 and 10, lying northerly of the right of way cif Interst;ate .Highway 94 and southerly of a line described as beginnin at a point on the westerly l.:ine of said Lot 10, distant 60.00 feet southerly of the north- westerly corner thereof; thence southeasterly to a point; on the easterly line of said Lot ~ distant 75.00 feet southerly of the: northeasterly corner thereof and said line. there terminating. Said permanent: easement contains 5,000 square feet:. more or less. .'.. The city attorney is authorized and directed on behalf of the c_i ty t;c~ acquire the real estate above descri.he>d b,~- the exercise of the power of eminent domain pur•suanl: to Minnesota Statutes, Chapter 117, and is specifically authorized to notify the owners of intent to take possession. pursuant to Minnesota Statutes, Section 11'7.042. `Phe city attorney is further authorized to take all act:ions necessary and desirable to carry out the purposes of this resolution. Adopted by the c:pity counci_I this 26th day of Se ember, 197'7. r' _ ~~~%~/r G~' / . Mayor A'T T E S T : ~~(f L~~G~c- C i Adm _ni ~tra tar. EXTRACT OF MINUTES OF MEETING OF THE ' CITY COUNCIL OF~T~IE CITY OF MONTICELLO, MINNESOTA HELD: OCTOBER 6, 1977 Pursuant t;o d.ue call and notice thereof, a spec is meeting of the City Council of the City of rlonticel.lo, Minnesota, was du:1y held at the Monticello Hist~~rical Museum in said City on the 6th -day of Octo her, 19;7, at 4:00 P. M. The following members were present: Con Johnson, Arve Grimsmo, Dan B-lonigen, Gene Walters, Philip White, and the following were absent: None. Member Walters introduced the fo1.:lowing resolution and moved its adoption: RESOLUTION PROVIDING FOR PUBLIC SALE OF $3,470,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1977 WH EREAS 1. The City Council has by resolution adopted September l2, 1977 called for the public sale of ~ 7 ;0, 000 General Obl i.gation Improvement Bonds of 1977 to defray the expense of various improvements in the City; '' . 'The City Counc i 1 has heretofore found, determined and t-lec.l.ared that it is necessary, desirablc> and expedient. t.o issue additional bonds to finance the cost, of other improvements in the City. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello, Minnesota, a5 follows; 1. The resolution of the City Council adopted September 12, 1977 calling f.or the public sale of $73U,OO0 Ueneral Obligation Improvement Bonds of 1977 is hereby resr. i nded. 2. It is hereby found, determined and declared that this City should issue 53,470,000 General Obligation Improvement Bonds of 1977 to defray the expense of various improvements within the City. 3. 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 $3,470,000 General Obligation Improvement Bonds of 1977 of said City. 4. 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 j^7est 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. 5. The terms and conditions of said bonds and the sale thereof are fully set forth in the "Official Notice of Bond Sale" attached hereto as Exhibit B and incorporated herein by reference. The motion for the adoption of the foregoing resolution was duly seconded by member Grimsmo t and upon a vote being taYen thereon, the following voted in favor thereof Tnlalters, Grimsmo, ~Ihite, Johnson and the following voted against the same: Blonigen Z~Ihereupon said resolution was declared duly passed and adopted. STATE OF MINNESOTA COUNTY OF T4RIGHT CITY OF MONTICELLO I, the undersigned, being the duly qualified and acting Administrator of the City of Monticello, Minnesota, DO HEREBY 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, ~?hich 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 proposed sale of $3,470,000 General Obligation Improvement Bonds of 1977. tidITNESS my hand as such Administrator and .the official seal of the City this 18th day of October , 1977. _ _ -- _ ~~' _ ~ Ci y Administrator (SE~tL ) EXHIBIT A NOTICE OF BOND SALE $3,470,000 CITY OF MOT~tTICELLO WRI GHT COUIJTY MINNESOTA GENERAL OBLIGATION Ir4F'RO~TEMETdT BOT1D5 OF 1977 These bonds will be offered Wednesday, October 26, 1977, at 11:34 o'clock A.M., Central Time, at the City Hall, in Monticello, Minnesota. The bonds will be dated November 1, 1977 and interest will be payable August 1, 1978 and semi- annually thereafter. The bonds will be general obligations of the Issuer for which its unlimited taxing powers will be pledged in addition to special assessments against benefited property. The bonds will mature on February 1 in the years and amounts as follows: 1979 $250,000 1985 $195,000 1991 $260,000 1980 $205,000 1986 $205,000 1992 $270,000 1981 $195,000 1937 $215,000 1993 $285,000 1982 $170,000 1988 $225,000 1994. $ 65,000 1983 $180,000 1989 $235,000 1995 $ 65,000 1984 $185,000 1990 $245,000 197 $ 60,000 1998 $ 60,000 1999 $ 60,000 All bonds maturing on or after February 1, 1989 are subject to prior payment on February 1, 1988 and any interest payment date thereafter at a price of par and accrued interest. Sealed bids for not less than par and accrued interest on the principal sum of $3,470,000 will be accepted. No rate of interest nor the net effective average rate of the issue may exceed 7% per annum. An acceptable approving legal opinion will be furnished by Briggs and Morgan, Professional Association, of St. Paul, Minnesota. The proceeds will be used to finance various improvements in the City. Dated: October 6, 1977 BY OP.DER OF THE CITY COUNCIL /s/ Gary Wieber City Administrator EXHIBIT B OFFICIAL TEPS4S OF BOND SAL£ $3,470,000 CITY OF MOT~ITICELLO (WRIGHT COUTITY) MI~TNESOTA GENERAL OBLIGATION IMPROVEMENT BOT~IDS of 1977 These Bonds will be offered 1977. Bids will be opened o'cloclc A.M., Central Time, Monticello, Minnesota. The following terms: DATED AND INTEREST PAYMEN^1S The Bonds will be dated November 1, 1977 and will bear interest pay- able on each February 1 and August 1, to maturity, commencing August 1, 1978. TYPE AND PURPOSE The Bonds will be general obli- gations of the Issuer for which its full faith and credit and un- limited taxing powers will be pledged. in addition to special assessments against benefited property. The Bonds will be in bearer form with interest coupons attached and will be in the denomi- nation of $5,000 each, unless other denominations are requested by the Purchaser within 4S hours after the award. The proceeds will be used to finance various improvements in the City. Wednesday, October 26, and awarded at 11:30 at the City Hall, in offering will be upon the MATURITIES AND REDEMPTIOTd The Bonds will mature on February 1, in the years and amounts as follows: 1979 $250,000 1980 $205,000 1981 ..$195,000 1982 $170,000 19x3 $180,000 1984 $185,000 1985 $195,000 1986 $205,000 1987 $215,000 1988 $225,000 1989 $235,000 1990 $?.45, 000 1991 $260,000 1992 $270,000 1993 $285,000 1994 $ 65,000 1995 $ 65,000 1996 $ 65,000 1997 $ 60,000 1998 $ 60,000 1999 $ 60,000 '. All dates are inclusive. At the option of the Issuer all Bonds maturing on or after February 1, 1989, shall be subject to redemption prior to maturity in inverse order of serial numbers on February 1, 1988, and any interest payment date thereafter, at a price of par and accrued interest. PAYING AGENT The Purchaser may name the Paying Agent within 48 hours after the sale for whose services the Issuer will pay customary and reasonable fees. An alternate Paying Agent may also be named provided that there is no additional cost to the Issuer by reason thereof. CUSIP NUMBERS If, within three working days after the award of the Bonds, the Purchaser in writing requests that CUSIP identification numbers be printed on the Bonds and agrees to be responsible for the CUSIP Service Bureau charge for the assignment of said numbers, they will be printed on the Bonds, but neither the failure to print such number on any Bond nor any error with respect thereto shall con- stitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. DELIVERY The Bonds shall be delivered without cost to the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser within 40 days following the date of their award. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of St. Paul, Minnesota, which opinion will be printed upon the Bonds, and of customary closing papers, including a non-litigation statement. Payment for the Bonds must be made by the Purchaser in Federal, or equivalent funds on the day of settlement in a timely. manner so as to be available to the Issuer on said day. TYPE OF BID Sealed bids for not less than par and accrued interest on the total principal amount of the Bonds and a certified or cashier's check in the amount of $34,700, payable to the order of the Treasurer of the Issuer, must be filed with the under- signed prior to time of sale. No bids will be considered which are not accompanied by the required certified or cashier's check. The certified or cashier's check of the Purchaser will be retained by the Issuer as liquidated damages `in the event the Purchaser fails to comply with the accepted bid. No bid may be withdrawn until the conclusion of the meeting of the Issuer at which bids are to be acted upon. RATES Bidders must specify rates which must be in integral multiples of 5/100 or 1/8 of 1o and not exceeding 7o per annum.. All Bonds of the same maturity must bear a single rate from date of issue to maturity. No rate may exceed the rate specified for any subsequent maturity by more than 1% per annum. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. The net effective average rate of the Issue may not exceed 7~ per annum. AWARD Award will be made on the basis of lowest dollar interest cost determined by the deduction of any premium from the total interest on all Bonds from their date to their stated maturity as computed on the basis of the schedule of bond years in the Official State- ment published for the Bonds. The Issuer reserves the right to reject any and all bids, to waive infor- malities and to adjourn the sale. Dated October 6, 1977 BY ORDER OF THE CITY COUNCIL /s/ Gary Wieber City Administrator