10-35CERTIFICATION OF MINUTES
RELATING TO
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN
REFUNDING BONDS, SERIES 2010B
GENERAL OBLIGATION WATER AND SEWER REFUNDING BONDS,
SERIES 2010C AND
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2010D
ISSUER: City of Otsego, Wright County, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, September 13, 2010, at 6:30 o'clock p.m., in City
Hall.
MEMBERS PRESENT: Mayor Stockamp; Councilmembers: Schroeder, Heidner, Scharber
and Darkenwald.
MEMBERS ABSENT: None.
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN
REFUNDING BONDS, SERIES 2010B
GENERAL OBLIGATION WATER AND SEWER REFUNDING BONDS,
SERIES 2010C AND
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2010D
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 nn RPntPmhPr 11 ?010
EXTRACT OF MINUTES OF A MEETING
OF THE CITY OF OTSEGO, WRIGHT COUNTY,
STATE OF MINNESOTA
HELD: Monday, September 13, 2010
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 13, 2010,
at 6:30 o'clock p.m.
Member Schroeder introduced the following resolution and moved its
adoption:
RESOLUTION 2010-35
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN
REFUNDING BONDS, SERIES 2010B
GENERAL OBLIGATION WATER AND SEWER REFUNDING BONDS,
SERIES 2010C AND
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2010D
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 capital improvement plan
refunding bonds in the total aggregate principal amount of not to exceed $3,750,000
(herein, the "Series 2010B Bonds"). The proceeds of the Series 2010B Bonds will be
used to full net advance refund the December 1, 2010 through December 1, 2018
maturities of the Economic Development Authority of the City of Otsego, Minnesota
Public Facility Lease Revenue Bonds, Series 2007A, dated March 1, 2007 and to pay the
costs of the issuing the Series 2010B Bonds.
2. 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 $22,500,000 (herein, the
"Series 2010C Bonds"). The proceeds of the Series 2010C Bonds will be used to (i)
crossover refund on December 1, 2011 the December 1, 2012 through 2023 maturities of
the City's GO Water and Sewer Revenue Bonds, Series 2003B dated June 1, 2003 and
the December 1, 2014 through 2024 maturities of the City's GO Sewer Revenue Bonds,
Series 2005A, dated May 1 2005; (ii) to crossover refund on December 1, 2012 the
December 1, 2014 through 2026 maturities of the City's GO Water and Sewer Revenue
Bonds, Series 2006A dated September 1, 2006 and (iii) to pay the costs of the issuing the
Series 2010C Bonds.
3. 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 improvement refunding
bonds in the total aggregate principal amount of not to exceed $1,250,000 (herein, the
"Series 2010D Bonds"). The proceeds of the Series 2010D Bonds will be used to
partially net advance refund the February 1, 2011 through 2014 maturities of the City's
General Obligation Improvement Bonds, Series 2006D dated September 1, 2006 and to
pay the costs of the issuing the Series 2010D Bonds.
The Series 2010B, Series 2010C and Series 2010D Bonds are collectively referred to as
the "Bonds".
4. 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: (i) approve the sale of the 2010B Bonds in an aggregate principal
amount of not to exceed $3,750,000 and to execute a bond purchase agreement for the
purchase of the Series 2010B Bonds with NSI, provided the True Interest Cost does not
exceed %; (ii) approve the sale of the Series 2010C Bonds in an aggregate principal
amount of not to exceed $22,500,000 and to execute a bond purchase agreement for the
purchase of the Series 2010C Bonds with NSI, provided the True Interest Cost does not
exceed % and the savings meet the 3% savings test as set forth in Minnesota
Statutes 475.67, subdivision 12 and (iii) approve the sale of the Series 2010D Bond in
an aggregate principal amount of not to exceed $1,250,000 and to execute a bond
purchase agreement for the purchase of the Series 2010D Bonds with NSI, provided the
True Interest Cost does not exceed % .
5. 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 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, 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:
Mayor Stockamp; Councilmembers: Schroeder, Scharber, Darkenwald and Heidner.
and the following voted against the same:None.
Whereupon said resolution was declared duly passed and adopted.