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HomeMy WebLinkAbout11-092 Bond AuthorizationCERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION BONDS , SERIES 20 1 1 A ISSUER: City of Prior Lake , Minnesota BODY: City Council KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held on Mon day, August 1 , 2011 , at 7 :00 o'clock p.m., in the C ity Offices MEMBERS PRESENT: Mayor Myser, Council members Erickson, Hedberg, Keeney and Soukup MEMBERS ABSENT: None Documents Attached: Extract of Minutes of said meeting. RESOLUTION APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 20 1 1 A 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 com pared 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 August 1 , 20 1 1 . City Manager EXTRACT OF MINUTES OF A M EETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE , STATE OF MINNESOTA HELD: Mon day, August 1 , 2011 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 Mon day, August 1 , 2011 at 7 :00 o'clock p.m. Member Soukup introduced the following resolution and moved its adoption: RESOLUTION APPROVING THE ISSUANCE OF GENERAL OBLIGATION B ONDS , SERIES 20 1 1 A BE IT RESOLVED by the City Council of the City of Prior Lake , Minnesota (h erein, 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 prin cipal amount of not - to - exceed $ 3 ,3 5 0 ,000 (currently expected to be approximately $ 3, 29 5 ,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 and street reconstruction within the City (the “improvement portion”; (ii) to conduct a current refunding of all or a portion of the December 1, 20 12 through 201 4 maturities, aggregating up to $ 825 ,000 in principal amount, of the City’s General Obligation Imp rovement Bonds of 2004 , dated June 1, 2004 as date of original issue (the “current refunding portion”) ; (iii) to conduct a crossover refunding of all or a portion of the December 1, 2013 through 2024 maturities, aggregating up to $280,000 in principal amou nt, of the City’s General Obligation Tax Increment Bonds of 2004, dated June 1, 2004 as date of original issue (the “crossover refunding portion”) ; and ( i v ) to pay the costs associated with issuing the Series 20 1 1 A 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 $ 3,350 ,000 and to execute a bond purchase agreement for the purchase of all or a portion of the Bonds with NSI, provided the true interest cost of the improvement portion is equal to or less than ____%, the total net savings on the current refunding portion of the bond issue is at least $_________ and the savings on the crossover portion of the bond issue meet s the 3% savings test as set forth in Minnesota Statutes 475.67, subdivision 12 . 4. Upon approval of the sale of the Bonds by the Mayo r 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 B onds to NSI and executed the related bond purchase agreement by December 31, 2011 , this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Mem ber Hedberg , and upon vote being taken thereon, the following voted in favor thereof: Mayor Myser, Council members Erickson, Hedberg, Keeney and Soukup and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted.