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HomeMy WebLinkAbout11-136 2011B Bond Authorization - Trigger ResolutionCERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION BONDS , SERIES 20 1 1 B ISSUER: City of Prior Lake , Minnesota BODY: City Council KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held on Mond ay , November 7 , 20 1 1 , at 7 :00 p.m., in the City Of fices MEMBERS PRESENT: Mayor Myser, Council members Erickson, Hedberg, Keeney and Soukup. MEMBERS ABSENT: None Documents Attached: Extract of Minutes of said meeting. RESOLUTION 11 - 136 APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 20 1 1 B 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 co mpared 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 an d 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. th WITNESS MY HAND officially as such recording officer on November 7 , 20 1 1 . City Manager EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE , STATE OF MINNESOTA HELD: Mond ay, November 7 , 20 1 1 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Prior Lake , State of Minnesota, was duly held on Mon day, November 7 , 20 1 1 at 7 :00 p.m. Member Hedberg introduced the following resolution and moved its adoption: RESOLUTION APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS , SERIES 20 1 1B BE IT RESOLVED by the City Council of the City of Prior Lake , State of 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 prin cipal amount of not to exceed $ 6, 0 00 ,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) a crossover refunding of all or a portion of the December 15, 2015 through 2031 maturities, aggregating up to $3,215,000 in principal amount, of the City’s General Obligation Fire Hall Bonds, Series 2006A, dated November 15, 2006 as date of original issue, (collectively, the “ Refunding Portion”); (ii) funding street reconstruction projects and im provement projects (collectively, the “New Money Portion”) and (i ii ) to pay the costs associated with issuing the Series 20 1 1B Bonds. 2. The City Council desires to proceed with the sale of the Bonds by direct negotiation with Northland Securities, Inc. (“NS I” ). NSI will purchase the Bonds in an arm’s - length commercial transaction with the City. 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 $ 6,0 00 ,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the savings related to the Refunding Portion meet the 3% savings test as set forth in Minnesota Statutes 475.67, subdivision 12 and provided the true interest cost on the New Money Po rtion is less than 4 .00%. 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 or special 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 City Manager have not approved the sale of the bonds to NSI and executed the related bond purchase agreement by Marc h 31, 2012 , this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Member Erickson , and upon vote being taken thereon, the following voted in favor thereof: Mayor Myser, Council members Erickson, Hedber g, Keeney and Soukup; and the following voted against the same: None. Whereupon said resolution was declared duly passed and adopted.