09-47CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF
INDEBTEDNESS, SERIES 2010A
ISSUER: City of Otsego, Wright County, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, December 14, 2009, at 7:00 o'clock p.m., in City
Hall.
MEMBERS PRESENT: STOCKAMP, SCHARBER, HEIDNER AND DARKENWALD
MEMBERS ABSENT: NONE
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION NO.0947
APPROVING THE ISSUANCE OF
GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS,
SERIES 2010A
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 December 14 , 2009.
jaffiMM,d,
City Clerk
EXTRACT OF MINUTES OF A MEETING
OF THE CITY OF OTSEGO, WRIGHT COUNTY,
STATE OF MINNESOTA
HELD: Monday, December 14, 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, December 14, 2009, at
7:00 o'clock p.m.
adoption:
introduced the following resolution and moved its
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS,
SERIES 2010A
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 equipment certificates of
indebtedness in the total aggregate principal amount of not to exceed $400,000 (herein,
the "Certificates"). The proceeds of the Certificates will be used to finance the purchase
of a Jet Vac truck and to pay the costs of the issuing the Certificates.
2. The City desires to proceed with the sale of the Certificates 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 Certificates in an aggregate
principal amount of not to exceed $400,000 and to execute a bond purchase agreement
for the purchase of the Certificates with NSI, provided the True Interest Cost does not
exceed 4.00%.
3. Upon approval of the sale of the Certificates 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 Certificates.
6. If the City Administrator and the Finance Director have not approved the sale of the
Certificates to NSI and executed the related bond purchase agreement by March 31, 2010
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
DARKENWALD, STOCKAMP, HEIDNER AND SCHARBER
and the following voted against the same: NONE
Whereupon said resolution was declared duly passed and adoptee