RES 11-49EXTRACT OF MINUTES OF A MEETING
OF THE CITY OF OTSEGO, WRIGHT COUNTY,
STATE OF MINNESOTA
HELD: Monday, September 26, 2011
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 26, 2011,
at 7:00 o'clock p.m.
Member SCHROEDER
adoption:
introduced the following resolution and moved its
RESOLUTION 2011-49
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS,
SERIES 2011A
BE IT RESOLVED by the City Council of Otsego, (herein, the "City"), Wright County,
State of Minnesota as follows:
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 crossover refunding
improvement bonds in the total aggregate principal amount of not to exceed $4,680,000
(herein, the "Bonds"). The proceeds of the Bonds will be used to crossover refund on
February 1, 2014 the February 1, 2015 through February 1, 2028 maturities of the City's
General Obligation Bonds, Series 2006B, dated September 1, 2006 and 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 $4,680,000 and to execute a bond purchase agreement for the purchase of
the Bonds with NSI, provided the total net savings is at least $172,000 and the savings
meet the 3% savings test as set forth in Minnesota Statutes 475.67, subdivision 12.
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
6. NSI is authorized to prepare and distribute an Official Statement related to the sale of the
Bonds.
7. 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 March 31, 2012, this
resolution shall expire.
MOTION BY: CM SCHROEDER
SECOND BY: MAyOR STOCKAMp
ALL IN FAVOR:MAyOR STOCKAMP, CM SCHROEDER, CM HEIDNER, CM DARKENWALD, CM SCHARBER
THOSE OPPOSED: NONE
ADOPTED by the City Council of the City of Otsego this September 26th' 2011.
CITY OF OTSEGO
AGI! 11 u
ATTEST: c y-a&m iUb
Tami Loff, City Clerk
CERTIFICATION OF MINUTES
RELATING TO
GENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS,
SERIES 2011A
ISSUER: City of Otsego, Wright County, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, September 26, 2011, at 7:00 o'clock p.m., in City
Hall.
MEMBERS PRESENT: MAYOR STOCKAMP, CM HEIDNER, CM SCHARBER, CM DARKENWALD, CM
SCHROEDER
MEMBERS ABSENT: NONE
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS,
SERIES 2011A
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 26 '2011.
-6aa
City Clerk