RES 12-09EXTRACT OF MINUTES OF A MEETING
OF THE CITY OF OTSEGO, WRIGHT COUNTY,
STATE OF MINNESOTA
HELD: Monday, January 23, 2012
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, January 23, 2012, at
6:00 o'clock p.m.
Member DARKENWALD introduced the following resolution and moved its
adoption:
RESOLUTION 2012-09
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS,
SERIES 2012A
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 crossover refunding
improvement bonds in the total aggregate principal amount of not to exceed $1,435,000
(herein, the "Bonds"). The proceeds of the Bonds will be used to crossover refund on
December 1, 2014 the December 1, 2015 through December 1, 2026 maturities of the
City's General Obligation Bonds, Series 2005B, dated December 1, 2005 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"). NSI will purchase the Bonds in an arm's-length
commercial transaction with the City. 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 $1,435,000 and to execute a bond purchase agreement for the purchase
of the Bonds with NSI, provided the total net savings meets the 3% savings test as set
forth in Minnesota Statutes 475.67, subdivision 12.
3. 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 December 31, 2012,
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:
CM DARKENWALD, CM SCHARBER, CM HEIDNER, CM SCHROEDER
and the following voted against the same:
NONE
Whereupon said resolution was declared duly passed and adopted.
City of Otsego
Vern Heidner, Acting Mayor
Attest: Tami Loff, eity Clerk
CERTIFICATION OF MINUTES
RELATING TO
GENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS,
SERIES 2012A
ISSUER: City of Otsego, Wright County, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, January 23, 2012, at 6:00 o'clock p.m., in City Hall.
MEMBERS PRESENT: CM HEIDNER, CM DARKNEWALD, CM SCHARBER AND CM SCHROEDER
MEMBERS ABSENT: MAYOR STOCKAMP
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS,
SERIES 2012A
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 January , 2012.
City Clerk V Lf