HomeMy WebLinkAbout07-073 $8.5 Million Water Revenue Bonds
4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY
OF PRIOR LAKE, MINNESOTA
HELD: APRIL 16,2007
Pursuant to due call and notice thereof, a regular meeting of the City Council (the "Council") of
the City of Prior Lake (the "City"), Scott County, Minnesota, was duly called and held at the Council
Chambers in said City on Aprill6, 2007, at ~ P.M.
The following members were present: Erickson, Haugen, Hedberg, LeMair and Millar
and the following were absent: None
Member Hedberg introduced the following resolution and moved its adoption:
RESOLUTION NO. 07-073
RESOLUTION AUTHORIZING THE NEGOTIATED SALE OF
$8,500,000 GENERAL OBLIGATION WATER TREATMENT PLANT WATER REVENUE
BONDS OF 2007
WHEREAS, the City has an upcoming issuance of approximately $8,500,000 General Obligation
Water Treatment Plant Water Revenue Bonds of2007, dated May 15,2007, (the Bonds) and
WHEREAS, Northland Securities, Inc. (NSI) has indicated a willingness to purchase the Bonds
upon receipt from the City, County, and School District of various required information, and
WHEREAS, the City desires to effectuate the transaction with NSI whenever market conditions
are appropriate and NSI has received the required information.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota as follows:
1. That Mayor Jack Haugen and Manager Frank Boyles are hereby jointly authorized to
approve the sale of certain Bonds to NSI in the amount illustrated to this Council on this
date at such time as NSI advises that it is appropriate to market said Bonds.
2. The City Council will meet to adopt the necessary approval resolution drafted by bond
counsel at a special meeting date of Monday, April 30, 2007.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota as follows:
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952.447.4245
The motion for the adoption of the foregoing resolution was duly seconded by Member
Millar, and upon voted being taken thereon, the following voted in favor thereof: Erickson, Haugen,
Hedberg, LeMair and Millar
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted on April 16, 2007.
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Mayor
Attest:
M:'Jf-
CERTIFICATION
STATE OF MINNESOTA
)SS
COUNTY OF Scott
I, the undersigned, being the duly qualified and acting Manager of the City of Prior Lake, Scott
County, Minnesota, DO HEREBY CERTIFY, that I have carefully compared the preceding extract of
minutes of a meeting of the City Council of said City held on the date therein indicated with the original
minutes thereof on file in my office and that the same is a full, true and correct transcript thereof insofar
as said minutes relate to the topic described in the title of the resolution set forth in the extract.
WITNESS my hand officially and the official seal of the City on April 16, 2007.
(SEAL)
UJbger