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4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS,
SERIES 2009B
ISSUER: City of Prior Lake, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, July Z0, 2009, at 6:00 o'clock p.m., in the City Of-
fices
MEMBERS PRESENT: Mayor Jack Haugen, Councilors Warren Erickson, Ken Hedberg, Chad
LeMair and Steve Millar
MEMBERS ABSENT: None
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2009B
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 at-
tached 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 cor-
poration, 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 obliga-
tions; 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 officer on July 20, 2009.
City Manag r
www. cityofpriorlake. com
Phone 952.447.9800 /Fax 952.447.4245
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, STATE OF MINNESOTA
HELD: Monday, July 20, 2009
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Prior Lake, Minnesota, was duly held on Monday, July 20, 2009 at 6:00 o'clock p.m.
Member Hedberg introduced the following resolution and moved its adoption:
RESOLUTION 09-095 APPROVING THE ISSUANCE OF
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2009B
BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota (herein, the
"City"), as follows:
1. The City Council hereby finds and declares that it is necessary and expedient for the City to sell
and issue its fully registered general obligation refunding bonds in the total aggregate principal
amount of not to exceed $1,300,000 (herein, the "Bonds"). The proceeds of the Bonds will be
used, together with any additional funds of the City which might be required, for (i) the current
refundings of all or a portion of the callable maturities of the City's General Obligation Im-
provement Bonds of 2000, dated October 1, 2000, General Obligation Improvement Bonds of
2002, dated October 1, 2002, and General Obligation Improvement Bonds of 2003, dated April 1,
2003, and (ii) to pay the costs associated with issuing the Series 2009B Bonds.
2. The City desires to proceed with the sale of the Bonds by direct negotiation to Northland Securi-
ties, Inc. (herein, "NSI") and it does hereby retain Sound Capital Management, Inc. (herein,
"Sound Capital") to act as an independent financial advisor to provide bond pricing opinion ser-
vices for the issuance of the Bonds for the purpose set forth in Minnesota Statutes, Section
475.60, Subdivision 2(9), as amended.
3. The Mayor and the City Manager are hereby authorized to approve the sale of the Bonds in an
aggregate principal amount of not to exceed $1,300,000 and to execute a bond purchase agree-
ment for the purchase of the Bonds with NSI, provided the total net savings is at least $20,000.
4. Upon approval of the sale of the Bonds by the Mayor and the City Manager, the City Council
will take action at its next regularly scheduled meeting thereafter to adopt the necessary approv-
ing resolutions as prepared by the City's bond counsel.
5. NSI is authorized to prepare an Official Statement related to the sale of the Bonds.
6. If the Mayor and the City Manager have not approved the sale of the Bonds to NSI and executed
the related bond purchase agreement by December 1, 2009, this resolution shall expire.
The motion for the adoption of the foregoing resolution was duly seconded by Member Millar, and
upon vote being taken thereon, the following voted in favor thereof: Mayor Haugen, Councilors
Erickson, Hedberg, LeMair and Millar.
and the following voted against the same: None.
Whereupon said resolution was declared duly passed and adopted.
M:I000NCILIRESOLUTI12009109-095 Trigger Resolution.DOC