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City Council Resolution 1976-01~ ~ EXTRACT OF MINUTES OF MEETIIdG OFD' THE CITY COUNCIL OF THE CT'1'`_' OF MONTICELLO, i-IINNESOTA HELD: JANUARY 12, 1976 Pursuant to due call and notice thereof, a ~„~„~~r meeting of the City Council of the Cite of "Monticello, Wright County, Minnesota, eras duly held at the City Hal_1 iri said City oil the 12th day of January, 1075, a+~ 7;Jn o'clock P.M. for the purpose of opening and considering bids for and awarding the sale of X200,000 "Municipal Liquor Stogy^e Revenue Bonds of 1876 of said City. The following members were present: Johnson, Erickson, Hall, Marti e, Walters and the following were absent: None The Clerk presented affidavits sholain~; publican-ion of notice of call for bids on X200,000 Municipal Liquor Store Revenue Bonds of 1976 of the City, for vrhich bids vrerz to be received at this meeting, in accordance with the resolution adopted by the City Council on December 8, 1975. Said affidavits were examined, found to comply with the provisions of Minnesota Statutes, Chapter X75, and v:ere approved and ordered placed on file. The Council proceeded to recoivo and open bids for the sa1_e of said bonds . ^1 .° follo~,ri n bids :•rere rece1-v~,u Bidder Interest Rate Net Interes~. Cyst • • SALE $200,000 MUNICIPAL LIQUOR STORE REVENUE BONDS OF 1976 CITY OF MONTICELLO, MINNESOTA ALLISON-VVILLiAMS COMPANY MINNEAPOLIS, MINNESOTA AND ASSOCIATE JANUARY 12 , 1976 AWARD: SPRiNGS'TFD INCORPORATED MUNICIPAL CONSULTANTS 5,. TE 2'3 CSBCQV 8UiL0'NG SAINT oOUI •f yyrSOTa 55102 1512; 227 8313 NOT RATED ALLISON-WILLIAMS COMPANY 6.50% 1977-82 $196,100.00 MOORE, JURAN 81 COMPANY, INC. 6.60% 1983-86 BOTH OF MINNEAPOLIS, MINNESOTA PIPER, JAFFRAY & HOPWOOD, INC. 6.30% 1977-82 $196,100.00 MINNEAPOLIS, MINNESOTA 6.40% 1983 6.60% 1984 6,80% 1985 7, 00°~O 1986 REOFFERING --------- --- SCHEDULE OF THE PURCHASER ------------- ----------- -- ------ R_ ATE YEAR YIELD 6.50% 1977 5.00% 6.50% 1978 g,2~o 6.50% 1979 5.40% 6.50% 1980 5,60% 6,50% 1981 5,80% 6,50% 1982 6,00% 6, 60% 1983 6, 10°10 6.60% 1984 g,25% 6.60% 1985 6,40% 6.60% 1986 6,50% NET I NpTEREST COST 8f RATF $87,705,00 (6.8 788 24%) $88 ,895.00 (6.9722%) . • • The Council then proceeded to consider such b-ids. After the bids had been considered and discussed, mer'iber Mai-ti e introduced the follo~~ri.ng resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $200, 000 A~UTJICIPAL LIQUOR STORE REVEIv'UE BONDS OF 1976 AND FIXING THE INTEREST RATE THEREON BE IT RESOLVED by the Council of the City of Monticello, Minnesota, as follows: 1. That the bid of _ to purchase $200,000 Municipal Liquor Store Revenue Lon s of 1976 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, anti t;: pay therefor the sum of $196.100.00 (plus a premiuT~ of 0 ) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and sa=. bonds are hereby awarded to said bidder. The City Cler'_r~ __ _ is directed to retain the deposit of said bidder and to forth?with return the good faith checks or drafts to the unsuccessful bidders. Said bonds shal_1 be payable as to principal and interest at The First National Bank of Minneapolis or any successor Paying Agent duly appointed by the City. 2. ^1 he $200,000 negotiable coupon revenue bonds of the City shall be dated February 1, 1976 and sI_al~ be issued forthtrrith. Saia bonds shall be 40 in number a.~•~d numbered from 1 to X40, both inclusive, in the denomin- ation of $5,000 each. Said bonds shall mature serially, lowest numbers first, ~•rithout option of prepayment, on February 1 in the years and amounts as follo~•rs: $15,000 in oath .~- t'7e yep-,s 19?? -..0 191, both i.nc]_us].vo; $20,000 in each of the years 1932 to i93~, both inclusive; a~1:i $45,000 in t~.. : gar 198E; 3. Said bonds s'-~4.11 provide funds for the =c.':' _. __- tlOn, COnE;trUCtl.Ot7 atld °C7L: J~~1n~G,' C!i' ~? II C:i~' O`_'`_'-j~le i_:'1;.0'L' store '~o repl.acc the ., .: 1_s`.;_ '!g -~!uniciT?al li~~~:~r d'.sp _._:. ~-. The total cost of said. _~~-,,,~; c~ct, inc ~ udir;; t.i~ cos ~ e' co..s . _ ;;;:- tion ur::ier the Corms of t_-!:: lo::est bid rec.e ~.~~=:d, one--°-=:e~~~_::~, legal a!1d othor r,rofes~ional charge: , L~ub1i~? ,-_on .~:_:, z~r°~r__--'s ~ c~ .-, -i rcr ~ltl-~ ~~ may, ~-.,. ^.~. },~ ~~ ~,, CG .t. , L:ltE::C c.3 t: aCCrt1_-:., Oi! T"t... ~.y ~ %T C ,~ ~ 1 ~ ~ _ _ _ .; • before the collec`.;i on of any net revenues pledged t;o the pe.;~- ment of the bonds, and all other costs necessarily incurre:: and to be incurred from the inception to the cornplet~on of the project, is estimated to be at least equal to the amount of the bonds herein authorized. tJork on the project shall proceed with due diligence to completion. 4. The bonds of said issue maturing in the years .and bearing the serial numbers set forth belo:: shall bear interest, payable August 1, 1976 and semiannually there- after on rebruary 1 and August 1 of each year, at the respec- tive rates per an~!um set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Raf.;c 1977-82 1-19 6. 50~ 1983-86 20-40 6.60$ .The motion for the adoption of the foregoing resolution was duly seconded by member Wal Pra _ and upon vote being taken thereon, the follo:•:ing voted in favor thereof: All present and the following voted against the same: None Whereup.:,n said resolution was declared duly passed and adopter.. -3- ' • • STA'i'I', 0'~' I'l.~_i'ri i`T ~~1 ~J~TA ccUr1T'r~ o~, ,~rR1:rxT CITY 0;~~ i~iONTICELhO I, the undersigned, being the duly grialif:ied and acting Cleri, of t>1° City of lrior~ticel_lo, P~I_i_nriso~~i, DC) tti_:~1'_;~' CrRTII~'Y that I have compared the at,tacrred ar.d ferc~;o~__ extract; of minutes of a meeting of the City Council cf said City he_l_d on the date Cher. ein indi_c;.'d, tvi_th ti_e original thereof on file and of record in my office a.nd that the sa.~~ is a full, true and complete transcript therefrom insofa_° as the same relates to a resolution accepting, bid nn sale o ~~ 200, 000 i~unicipa:]_ i~iquo.r Store Revenue Bonds of 1.976 ar!d f:ixi~:7 ; the interest rat:: thoreor~ , 1~1ITNESS my hand as such Cl:~rk and the offici:~l seal of ::,aid City this :.~ day of + l = , _ , ~9 5r v.. ~~"~ ~,x. St-, v ~ ...~ (SEAL) -1I- STA~l'E 0=~' I~~iIP~TNESOTA COUNTY 0~~ ,•JI~IGHT CITY Of+~ i~IONTICELLO I, the undersigned, bein the duly qualified and acting Clerk of the City of P~lonticello, I~4innesota, DO Hi~~~~--.-~' CERTII~'Y that I have compared the attached and forego=ink; extract of minutes of a meeting of the City Council of said City held on the date therein indicated, with the or.-iginal thereof on file and of record in my office and that f:h.~~ sa.:: is a full, true and complete transcript therefrom insofar as the same relates to a resolution accepting bid on sale of $200, 000 Pfuni_cipal Liquor Store Revenue Bonds of 1976 and fixi~; the interest rate thereon. •,rTTNESS my hand as such C1e_rlc and the off i cia.l seal of said City this ~ day of ~ ~~,, ,,, - , i ~" .f G~',~lf,y Cler1_c - (SEAL,) -4-