HRA Resolution 1998-9Resolution No. 98 -9
Board Member Bob Murray introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$6,960,000 Public Project Revenue Bonds, Series 1998
WHEREAS, the City Council of the City of Monticello, Minnesota, has requested that the
Monticello Housing and Redevelopment Authority (the "HRA ") issue $6,960,000 Public Project Revenue
Bonds, Series 1998 (the "Bonds ") to provide funding for the construction and equipping of the Community
Center project; and
WHEREAS, the City Council has determined that it is necessary and desirable to enter into a lease
purchase agreement with the HRA to provide funds sufficient to pay principal and interest on the Bonds;
and
WHEREAS, the Board of Commissioners of the HRA has determined that it is necessary and
desirable to issue the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the HRA, as
follows:
1. Authorization; Findings. The Board of Commissioners hereby authorizes Ehlers & Associates,
Inc. to solicit proposals for the sale of the Bonds.
2. Meeting; Proposal Opening. The Board of Commissioners shall meet at a special meeting at the
time and place specified in the Terms of Proposal for the purpose of considering sealed proposals
for, and awarding the sale of the Bonds. The Secretary, or designee, shall open proposals at the
time and place specified in such Terms of Proposal.
4. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth
in the Terms of Proposal as described in the Bond Sale Report dated October 12, 1998.
5. Official Statement. In connection with said sale, the officers or employees of the HRA and the
City are hereby authorized to cooperate with Ehlers & Associates and participate in the preparation
of an official statement for the Bonds and to execute and deliver it on behalf of the HRA upon its
completion.
The motion for the adoption of the foregoing resolution was duly seconded by Board Member
Dan Frie and, after full discussion thereof and upon a vote being taken thereon, the
following Board Members voted in favor thereof.
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this 14th day of October, 1998.
Secretary