RES 20-58CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS,
SERIES 2020A
ISSUER: City of Otsego, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, September 14, at 7:00 p.m., in the City Offices
MEMBERS PRESENT: Stockamp, Tanner, Warehime, Darkenwald, Goede
MEMBERS ABSENT: None
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION 2020-58 APPROVING THE ISSUANCE OF
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2020A
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, fiom 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 14, 2020.
Cleric
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF OTSEGO, STATE OF MINNESOTA
HELD: Monday, September 14, 2020
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Otsego, State of Minnesota, was duly held on Monday, September 14, 2020 at 7:00 p.m.
Member Tanner introduced the following resolution and moved its
adoption:
RESOLUTION 2020-58 APPROVING THE ISSUANCE OF
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2020A
BE IT RESOLVED by the City Council of the City of Otsego, 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 general obligation improvement refunding bonds in
the total aggregate principal amount not to exceed $3,300,000 (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) a current refunding of all or a portion of the February 1, 2021 through 2028
maturities, aggregating up to $805,000 in principal amount, of the City's General
Obligation Improvement Refunding Bonds, Series 2010D, dated November 1,
2010 as date of original issue;
(ii) a current refunding of all or a portion of the February 1, 2021 through 2028
maturities, aggregating up to $2,365,000 in principal amount, of the City's
General Obligation Improvement Crossover Refunding Bonds, Series 2011A,
dated December 1, 2011 as date of original issue;
(iii)to pay the costs associated with issuing the 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 aim's -length
commercial transaction with the City.
3. The Mayor and the City Administrator are hereby authorized to approve the sale of the
Bonds in an aggregate principal amount not to exceed $3,300,000 and to execute a bond
purchase agreement for the purchase of the Bonds with NSI, provided the total net
savings is at least $150,000.00.
4. Upon approval of the sale of the Bonds by the Mayor and the City Administrator:
i. 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 (the "Ratifying Resolutions"); and
ii. The Refunded Bonds will be redeemed and prepaid in accordance with the
terms and conditions set forth in the Ratifying Resolutions and Northland
Trust Services, Inc., as registrar and paying agent on the Refunded Bonds, is
hereby authorized and directed to cause notice of such redemption to be given
to each registered holder of the Refunded Bonds not less than thirty (30) days
prior to the redemption date, and to notify DTC.
5. NSI is authorized to prepare an Official Statement related to the sale of the Bonds.
6. If the Mayor and City Administrator have not approved the sale of the bonds to NSI and
executed the related bond purchase agreement by March 31, 2021, this resolution shall
expire.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Warehime, and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same: Stockamp, Tanner, Warehime, Darkenwald, Goede
Whereupon said resolution was declared duly passed and adopted.