City Council Resolution 2009-21RESOLUTION RELATING TO THE REDEMPTION OF
TELECOMMUNICATIONS REVENUE BONDS
RESOLUTION NO. 2009-21
BE IT RESOLVED, by the City Council of the City of Monticello, Minnesota, as
follows:
1. The City's outstanding Telecommunications Revenue Bonds (Fibernet
Monticello Project), Series 2008 (the "Bonds") are subject to mandatory redemption in the
event the existing litigation relating to the Bonds has not been dismissed and the time for
appeal expired by June 19, 2009. It is determined that, if the event should occur, it is
desirable that the Bonds be redeemed as soon as practicable thereafter.
2. On or prior to May 5, 2009, the City Administrator or Finance Officer are
authorized to submit to Wells Fargo Bank, National Association, as Trustee, a conditional
direction that the Bonds are to be redeemed on June 20, 2009, pursuant to Section 3.04 of the
Indenture of Trust between the City and the Trustee; provided that the notice to bondholders
shall specify that the redemption will not occur in the event a Litigation Dismissal (as
defined in the Indenture) occurs on or prior to June 19, 2009.
Adopted by the Monticello City Council this 27th day of April, 2009.
C-155� /. /ZZ/
Clint Herbst, Mayor
ATTEST:
Dawn Grossinger, Deputy City Clerk