RESOLUTION NO. 10-40
To fix a date for a public hearing on a loan agreement in a principal amount not to exceed $1,500,000

WHEREAS, pursuant to a resolution (the “2002 Water Revenue Resolution”) adopted by the City Council of the City of Monticello, Iowa (the “City”) on February 21, 2002, there have been heretofore issued $1,210,000 Water Revenue Bonds, Series 2002, dated March 15, 2002 (the “2002 Water Revenue Bonds”), a portion of which remains outstanding; and

WHEREAS, pursuant to the 2002 Water Revenue Resolution, the City reserved the right to call the 2002 Water Revenue Bonds maturing in the years 2011 to 2021 (the “Callable 2002 Water Revenue Bonds”), inclusive, on any date on or after June 1, 2010; and

WHEREAS, pursuant to a resolution (the “2002 Sewer Revenue Resolution”) adopted by the City Council on February 21, 2002, there have been heretofore issued $935,000 Sewer Revenue Bonds, Series 2002, dated March 15, 2002 (the “2002 Sewer Revenue Bonds”), a portion of which remains outstanding; and

WHEREAS, pursuant to the 2002 Sewer Revenue Resolution, the City reserved the right to call the 2002 Sewer Revenue Bonds maturing in the years 2011 to 2021 (the “Callable 2002 Sewer Revenue Bonds”), inclusive, on any date on or after June 1, 2010; and

WHEREAS, the City now proposes to enter into a General Obligation Refunding Loan Agreement (the “General Obligation Refunding Loan Agreement”) in a principal amount not to exceed $1,500,000 pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the cost, to that extent, of refunding the Callable 2002 Water Revenue Bonds and the Callable 2002 Sewer Revenue Bonds, and it is necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Loan Agreement and to give notice thereof as required by such law;

NOW, THEREFORE, Be It Resolved by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The City Council shall meet on the 19th day of April 2010, at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, at 6:00 o’clock p.m., at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Loan Agreement.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Loan Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held, by publication at least once, and not less than 4 nor more than 20 days before the date of said meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form:

NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,500,000
(GENERAL OBLIGATION)
The City Council of the City of Monticello, Iowa, will meet on the 19th day of April, 2010, at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, at 6:00 o’clock p.m. for the purpose of instituting proceedings and taking action to enter into a loan agreement (the “Loan Agreement”) in a principal amount not to exceed $1,500,000 for the purpose of paying the cost, to that extent, of refunding a portion of the City’s outstanding Water Revenue Bonds, Series 2002, dated March 15, 2002, and Sewer Revenue Bonds, Series 2002, dated March 15, 2002.

The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A of the Code of Iowa.
At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City Council may determine to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter.