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HomeMy WebLinkAbout10-036 General Obligation Bond Sale CERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2010A ISSUER: City of Prior Lake, Minnesota BODY: City Council KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held on Monday, April 19, 2010, at 6:00 o'clock p.m., in the City Offices MEMBERS PRESENT: Myser, Erickson, Hedberg, Keeney, Millar MEMBERS ABSENT: None Documents Attached: Extract of Minutes of said meeting. RESOLUTION 10-036 APPROVING THE ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2010A 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 officer on April 19, 2010. rw~ City Manager 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, April 19, 2010 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, April 19, 2010 at 6:00 o'clock p.m. Member Hedberg introduced the following resolution and moved its adoption: RESOLUTION 10-036 APPROVING THE ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2010A 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 bonds in the total aggregate principal amount of not-to-exceed $1,300,000 (currently expected to be approximately $1,235,000), herein referred to as the "Bonds". The proceeds of the Bonds will be used, together with any additional funds of the City which might be required, to (i) finance the costs of assessable improvements within the City and (ii) to pay the costs associated with issuing the Series 201 OA Bonds. 2. The City desires to proceed with the sale of the Bonds by direct negotiation with Northland Securities, Inc. (herein, "NSI"). 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 agreement for the purchase of the Bonds with NSI, provided the net effective rate is less than %. 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 approving 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 June 30, 2010, 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: Myser, Erickson, Hedberg, Keeney, Millar and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted.