HomeMy WebLinkAbout14-102 GO Street Improve Bonds 2014
CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION BONDS, SERIES 2014A
ISSUER: City of Prior Lake, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, June 23, 2014, at 7:00 p.m., in the City Offices
MEMBERS PRESENT: HEDBERG, KEENEY, MCGUIRE, MORTON, SOUKUP
MEMBERS ABSENT: NONE.
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION 14-102
APPROVING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2014A
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 June 23, 2014.
City Manager
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, STATE OF MINNESOTA
HELD: Monday, June 23, 2014
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, June 23, 2014 at 7:00 p.m.
Member MCGUIRE introduced the following resolution and moved its adoption:
RESOLUTION 14-102 APPROVING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2014A
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 not to exceed $2,900,000 (herein, the “Bonds”). The proceeds of the Bonds will be
used, together with any additional funds of the City which might be required to:
(i)pay the costs of construction of street improvements within the City (the
“Street Reconstruction Portion”);
(ii) current refund all or a portion of the December 15, 2015 through 2018
maturities, aggregating up to $540,000, of the City’s General Obligation Street
Improvement Bonds, Series 2008B (the “Current Refunding Portion”); and
(iii) pay the costs associated with issuing the Series 2014A 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 the Bonds
in an aggregate principal amount not to exceed $2,900,000 and to execute a bond purchase
agreement for the purchase of the Bonds with NSI, provided the True Interest Cost is less
than 2.5% for the Street Reconstruction Portion and the total net savings is at least $15,000
for the Current Refunding Portion.
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 October 31, 2014, this resolution shall expire.
The motion for the adoption of the foregoing resolution was duly seconded by Member SOUKUP,
and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
VOTE Hedberg Keeney McGuire Morton Soukup
Aye
☒☒☒☒☒
Nay
☐☐☐☐☐
Absent
☐☐☐☐☐
Abstain
☐☐☐☐☐
Whereupon said resolution was declared duly passed and adopted.
ATTEST:
Frank Boyles, City Manager