City Council Resolution 2016-61CERTIFICATION OF MINUTES
RELATING TO
GENERAL OBLIGATION STREET RECONSTRUCTION AND IMPROVEMENT BONDS,
SERIES 2016A
ISSUER: City of Monticello, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, September 12, 2016, at 6:30 o'clock p.m., in the City Hall.
MEMBERS PRESENT: O r I a n ,sfam p f C h ar t o t-tt 61a b br r
Loyd.. H, I a rt, To rn Perr Au,�� -� �j 1-ri' Pas e s44—
MEMBERS ABSENT:
Documents Attached: Extract of Minutes of said meeting.
Resolution 2016 -061
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION STREET RECONSTRUCTION AND IMPROVEMENT BONDS,
SERIES 2016A
I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing
the obligations referred to in the title of this certificate, certify that the documents attached hereto, as
described above, have been carefully compared with the original records of said corporation in my legal
custody, from which they have been transcribed; that said documents are a correct and complete transcript
of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of
all resolutions and other actions taken and of all documents approved by the governing body at said
meeting, so far as they relate to said obligations; and that said meeting was duly held by the governing
body at the time and place and was attended throughout by the members indicated above, pursuant to call
and notice of such meeting given as required by law.
WITNESS MY HAND officially as such recording offs
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL
OF THE CITY OF MONTICELLO,
STATE OF MINNESOTA
HELD: Monday, September 12, 2016
Pursuant to due call and notice thereof, a regular meeting of the City Council, City of Monticello,
State of Minnesota, was duly held on Monday, September 12, 2016, at 6:30 o'clock p.m.
Member / 0_M Ptrt'AUJ4 introduced the following resolution and moved its adoption:
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION STREET RECONSTRUCTION AND IMPROVEMENT BONDS,
SERIES 2016A
BE IT RESOLVED by the City Council of the City of Monticello (herein, the "City "), State of
Minnesota as follows:
1. The City Council hereby finds and declares that it is necessary and expedient for the City to sell
and issue its general obligation bonds (herein, the "Bonds ") in an aggregate principal amount not
to exceed $5,000,000. Proceeds of the Bonds will be used to finance the City's 2016 street
reconstruction and improvement projects and to pay the costs of issuing the Bonds.
2. The City desires to proceed with the sale of the Bonds by direct negotiation to Northland
Securities, Inc. (herein, "NSI "). NSI will purchase the Bonds in an arm's - length commercial
transaction with the City. The Mayor and the City Administrator are hereby authorized to approve
the sale of the Bonds in an aggregate principal amount of not to exceed $5,000,000 and to execute
a bond purchase agreement for the purchase of the Bonds, provided that the true interest cost of
the bond issue is equal to or less than 2.90 %.
3. Upon approval of the sale of the Bonds by the Mayor and the City Administrator, the City
Council will take action at its next regularly scheduled meeting thereafter to adopt the necessary
approving resolutions as prepared by the City's bond counsel.
4. NSI is authorized to prepare and distribute an Official Statement related to the sale of the Bonds.
7. If the Mayor and the City Administrator have not approved the sale of the bonds and executed the
related bond purchase agreement by December 31, 2016, this resolution shall expire.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Char Joffe. 674bltr, and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.