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HomeMy WebLinkAbout16-048 Sale of General Obligation Bonds Series 2016ACERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION BONDS, SERIES 2016A ISSUER: City of Prior Lake, Minnesota BODY: City Council KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held on Monday, April 11, 2016, at 7:00 p.m., in the City Offices MEMBERS PRESENT: Mayor Hedberg, Councilor Thompson, Keeney, Morton, and McGuire MEMBERS ABSENT: No members were absent. Documents Attached: Extract of Minutes of said meeting. RESOLUTION 16-048 APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2016A 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 April 11, 2016. City Manager EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, STATE OF MINNESOTA HELD: Monday, April 11, 2016 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, April 11, 2016 at 7:00 p.m. Member McGuire introduced the following resolution and moved its adoption: RESOLUTION 16-048 APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2016A 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 sell and issue its fully registered general obligation bonds in the total aggregate principal amount not to exceed $4,000,000 (herein, the “Bonds”). A portion of the proceeds of the Bonds will be used to finance improvement construction costs, street reconstruction costs and purchase new vehicles (the “new money portion”) and a portion of the proceeds will be used to crossover refund all or a portion of the December 15, 2018 through 2022 maturities, aggregating up to $1,630,000 in principal amount, of the City’s General Obligation Water Treatment Plant Revenue Bonds, Series 2007A, (the “refunding portion”) and to pay the costs of issuing the Bonds. 2. The City Council desires to proceed with the sale of the Bonds by direct negotiation with Northland Securities, Inc. (herein, “NSI”). NSI will purchase the Bonds in an arm’s- length commercial transaction with the City. 3. The Mayor and City Manager are hereby authorized to approve the sale of the Bonds in an aggregate principal amount not to exceed $4,000,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the true interest cost is less than 2.75% on the new money portion and the savings on the refunding portion meet 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 the City Manager have not approved the sale of the bonds to NSI and executed the related bond purchase agreement by September 30, 2016, this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Member Thompson, and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: VOTE Hedberg Keeney McGuire Morton Thompson Aye ☒ ☒ ☒ ☒ ☒ Nay ☐ ☐ ☐ ☐ ☐ Abstain ☐ ☐ ☐ ☐ ☐ Absent ☐ ☐ ☐ ☐ ☐ Whereupon said resolution was declared duly passed and adopted.