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HomeMy WebLinkAbout12-002 GO Capital Improvement Plan Refunding Bonds 2012ACERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS , SERIES 20 1 2 A ISSUER: City of Prior Lake , Minnesota BODY: City Council KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held on Tues day, January 3 , at 7 :00 o'clock p.m., in the City Offices MEMBERS PRESENT: Mayor Myser, Council members Erickson, Hedberg, Keeney and Soukup. MEMBERS ABSENT: None Documents Attached: Extract of Minutes of said meeting. RESOLUTION 12 - 002 APPROVING THE ISSUANCE OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS, SERIES 20 1 2 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 t hat 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 m inutes 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 th at 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 office r on January 4 , 20 1 2 . City Manager EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE , STATE OF MINNESOTA HELD: Tues day, January 3, 2012 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 Tues day, January 3, 2012 at 7 :00 o'clock p.m. Member Hedberg introduced the following resolution and moved its adoption: RESOLUTION 12 - 002 APPROVING THE ISSUANCE OF GENERAL OBLIGATION CAPITA L IMPROVEMENT PLAN REFUNDING B ONDS , SERIES 20 1 2 A 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 sel l and issue its fully registered general obligation bonds in the total aggregate prin cipal amount of not - to - exceed $ 10,000 ,000 (currently expected to be approximately $ 9 , 985 ,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) conduct a full net advance refunding of all outstanding maturities , in the principal amount of $9,070,000, of the Public Project Revenue Bonds, Series 2005B , dated May 15, 2005 , issued by the Economic Development Authority of the City of Prior Lake ; and ( i i ) pay the costs associated with issuing the Series 20 1 2 A Bonds. 2. The City desires to proceed with the sale of the Bonds by direct negotiation with Northland Securities, Inc. (h erein, “NSI”). 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 $ 10,000 ,000 and t o execute a bond purchase agreement for the purchase of all or a portion of the Bonds with NSI, provided the total net savings on the bond issue is at least $ 1,000,000 and the savings meet the 3% savings test as set forth in Minnesota Statutes 475.67, subd ivision 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 couns el. 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 June 30, 2012 , this reso lution shall expire. 7. The City desires to structure the bond such that the bond savings for 2012 will be at or close to $0.00. The motion for the adoption of the foregoing resolution was duly seconded by Member Erickson , and upon vote being taken there on, 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.