Loading...
HomeMy WebLinkAbout13-091 Authorization to Issue BondsCERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION BONDS, SERIES 2013A ISSUER: City of Prior Lake, Minnesota BODY: City Council KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held on Monday, July 8, 2013, at 7:00 p.m., in the City Offices MEMBERS PRESENT: Mayor Hedberg, Councilor Keeney, Councilor McGuire and Councilor Soukup MEMBERS ABSENT: Councilor Morton Documents Attached: Extract of Minutes of said meeting. RESOLUTION APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2013A 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 July 8, 2013. City Manager EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, STATE OF MINNESOTA HELD: Monday, July 8, 2013 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 Monday, July 8, 2013 at 7:00 p.m. Member McGuire introduced the following resolution and moved its adoption: RESOLUTION 13-091 APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2013A 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 principal amount of not to exceed $4,000,000 (herein, the “Bonds”). The proceeds of the Bonds will be used, together with any additional funds of the City which might be required to pay the costs of construction of street improvements within the City, and to pay the costs associated with issuing the Series 2013A Bonds. 2.The City Council desires to proceed with the sale of the Bonds by direct negotiation with Northland Securities, Inc. (“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 Bonds to Northland Securities, Inc. (NSI) pursuant to NSI's standard bond purchase agreement and to executed the bond purchase agreement for the purchase of the bonds by NSI, provided the true interest rate is less than 2.75%, all subject to the approval of Briggs & Morgan Professional Association as to the legality and regularity of all proceedings taken in the issuance of the bonds. 4. Upon approval of the sale of the bonds by the Mayor and City Manager as provided above, 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 December 31, 2013, this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Member Keeney, and upon vote being taken thereon, the following voted in favor thereof: Mayor Hedberg, Councilor Keeney, Councilor McGuire and Councilor Soukup; and the following voted against the same: none. Whereupon said resolution was declared duly passed and adopted.