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HomeMy WebLinkAbout15-057 Authorization to Issue 2015B Bonds CERTIFICATION OF MINUTES RELATING TO TAXABLE GENERAL OBLIGATION BONDS, SERIES 2015B ISSUER: City of Prior Lake, Minnesota BODY: City Council KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held on Monday, March 23, 2015, at 7:00 p.m., in the City Offices MEMBERS PRESENT: Mayor Hedberg and Councilors McGuire, Keeney, Morton, and Thompson. MEMBERS ABSENT: None. Documents Attached: Extract of Minutes of said meeting. RESOLUTION 15-057 APPROVING THE ISSUANCE OF TAXABLE GENERAL OBLIGATION BONDS, SERIES 2015B 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 March 23, 2015. City Manager EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, STATE OF MINNESOTA HELD: Monday, March 23, 2015 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, March 23, 2015 at 7:00 p.m. Member Thompson introduced the following resolution and moved its adoption: RESOLUTION 15-057 APPROVING THE ISSUANCE OF TAXABLE GENERAL OBLIGATION BONDS, SERIES 2015B 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 taxable general obligation bonds in the total aggregate principal amount of not to exceed $5,200,000 (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)the costs of construction of street improvement and reconstruction within the City (the “New Money Portion”); (ii) a crossover refunding of all or a portion of the December 15, 2015 through 2023 maturities, aggregating up to $2,460,000 in principal amount, of the City’s General Obligation Water Treatment Plant Revenue Bonds, Series 2007A, dated May 15, 2007 as date of original issue (the “Refunding Portion”); and (iii) to pay the costs associated with issuing the Series 2015B 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 of not to exceed $5,200,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, for all or a portion of the purposes listed in paragraph 1, (i) through (ii), provided the True Interest Cost of the New Money Portion is no more than 2.65% and the total net savings of the Refunding Portion meets 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 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 December 31, 2015, this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Member McGuire, and upon vote being taken thereon, the following voted in favor thereof: Hedberg, McGuire, Keeney, Morton, and Thompson. and the following voted against the same: None. Whereupon said resolution was declared duly passed and adopted. rd PASSED AND ADOPTED THIS 23 DAY OF MARCH 2015. VOTE Hedberg Keeney McGuire Morton Thompson Aye ☒☒☒☒☒ Nay ☐☐☐☐☐ Abstain ☐☐☐☐☐ Absent ☐☐☐☐☐ ______________________________ Frank Boyles, City Manager