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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.