09-36EXTRACT OF MINUTES OF A MEETING
OF THE CITY OF OTSEGO, WRIGHT COUNTY,
STATE OF MINNESOTA
HELD: Monday, September 28, 2009
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Otsego, Wright County, State of Minnesota, was duly held on Monday, September 28, 2009,
at 7:00 o'clock p.m.
Member Heidner moved its adoption:
RESOLUTION 2009-36
APPROVING THE ISSUANCE OF
GENERAL OBLIGATION WATER AND SEWER
REFUNDING BONDS, SERIES 2009A
BE IT RESOLVED by the City Council of Otsego, (herein, the "City"), Wright County,
State of Minnesota as follows:
1. The City Council hereby finds and declares that it is necessary and expedient for the City
Council to sell and issue its fully registered general obligation water and sewer refunding
bonds in the total aggregate principal amount of not to exceed $7,100,000 (herein, the
"Bonds"). The proceeds of the Bonds will be used to (i) partial net advance refund the
December 1, 2009 through December 1, 2013 maturities of the City's General Obligation
Improvement Bonds, Series 2003A dated June 1, 2003; (ii) to partial net advance refund
the December 1, 2009 through December 1, 2013 maturities of the City's General
Obligation Sewer Revenue Bonds, Series 2005A, dated May 1, 2005; (iii) to partial net
advance refund the December 1, 2009 through December 1, 2013 maturities of the City's
General Obligation Water and Sewer Revenue Bonds, Series 2006A and (iv) to pay the
costs of the issuing the Bonds.
2. The City desires to proceed with the sale of the Bonds by direct negotiation to Northland
Securities, Inc. (herein, "NSI"). The City Administrator and the Finance Director are
hereby authorized to approve the sale of the Bonds in an aggregate principal amount of
not to exceed $7,100,000 and to execute a bond purchase agreement for the purchase of
the' Bonds with NSI, provided the True Interest Cost does not exceed 4.25%.
3. The Mayor and City Clerk are hereby authorized to submit, on behalf of the City, an
Application to the Minnesota Public Facilities Authority (the "PFA") Credit
Enhancement Program (the "Program") with respect to the Bonds, along with a
nonrefundable application fee in the amount of $500, and to enter into an agreement with
the PFA, all in accordance with and as required by Minnesota Statutes, Section 446A.086
(the "Act"). The City covenants that it will comply with and be bound by the provisions
of the Act. The Mayor and City Clerk are authorized to execute any and all applicable
forms prescribed by the PFA with respect to the Program.
CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION WATER AND SEWER
REFUNDING BONDS, SERIES 2009A
ISSUER: City of Otsego, Wright County, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, September 28, 2009, at 7:00 o'clock p.m., in City Hall.
MEMBERS PRESENT: Mayor Stockamp; Councilmembers: Heidner, Darkenwald,
Thorsted and Scharber.
MEMBERS ABSENT: None.
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION 2009-36
APPROVING THE ISSUANCE OF
GENERAL OBLIGATION WATER AND SEWER
REFUNDING BONDS, SERIES 2009A
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 September 28, 2009.
Aayr,it-rn ��4 ')
City Clerk
4. Upon approval of the sale of the Bonds by the City Administrator and the Finance
Director, the City Council will take action at its next regularly scheduled 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 City Administrator and the Finance Director have not approved the sale of the
bonds to NSI and executed the related bond purchase agreement by December 31, 2009,
this resolution shall expire.
The motion for the adoption of the foregoing resolution was duly seconded by Member Scharber,
and upon vote being taken thereon, the following voted in favor thereof:
Mayor Stockamp; Councilmember: Heidner, Darkenwald, Thorsted and Scharber.
and the following voted against the same: None.
Whereupon said resolution was declared duly passed and adopted.
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Attest: