HomeMy WebLinkAbout12-10-38 EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF OAK PARK HEIGHTS,
STATE OF MINNESOTA
HELD: Tuesday, October 23, 2012
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Oak Park Heights, State of Minnesota, was duly held on Tuesday, October 23, 2012 at 7:00
p.m. ,A l
Member 1� , o Cow 2 , introduced the following resolution and moved its
adoption:
Resolution No. 12 -10 -38
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN CROSSOVER
REFUNDING BONDS, SERIES 2012A
BE IT RESOLVED by the City Council of the City of Oak Park Heights, 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 bonds in the total aggregate
principal amount not to exceed $5,250,000 (herein, the `Bonds "). The proceeds of the
Bonds will be used, together with any additional funds of the City which might be
required (i) for a crossover advance refunding of all or a portion of the December 15,
2017 through 2028 maturities, aggregating up to $4,860,000 in principal amount, of the
City's General Obligation Capital Improvement Plan Bonds, Series 2008A, dated June
15, 2008 as date of original issue; and (ii) 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 arm's- length
commercial transaction with the City.
3. The Mayor and the Administrator are hereby authorized to approve the sale of the Bonds
in an aggregate principal amount not to exceed $5,250,000 and to execute a bond
purchase agreement for the purchase of the Bonds with NSI, provided the total net
savings of the crossover advance refunding meets the 3% savings test as set forth in
Minnesota Statutes 475.67, subdivisions 12 and 13.
4. Upon approval of the sale of the Bonds by the Mayor and the Administrator, the City
Council will take action at its next regularly scheduled or special meeting thereafter to
• adopt the necessary approving resolutions as prepared by Eckberg, Lammers, Briggs,
Wolff & Vierling, P.L.L.P., the City's bond counsel.
5. NSI is authorized to prepare an Official Statement related to the sale of the Bonds.
6. If the Mayor and Administrator have not approved the sale of the bonds to NSI and
• executed the related bond purchase agreement by March 31, 2013, this resolution shall
expire.
C O P HEIGHTS,
l
Attest:
Y
City dm' ' trator
The motion for the adoption of the foregoing resolution was duly seconded by Member
S% L R#.%c*3 , and after a full discussion thereof and upon vote being taken thereon, the
following voted in favor thereof - "r ., LjjawU ! / s'kICS15Wr
and the following voted against the same: Alo N 6"
Whereupon said resolution was declared duly passed and adopted.
•
CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN
• CROSSOVER REFUNDING BONDS, SERIES 2012A
ISSUER: City of Oak Park Heights, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Tuesday, October 23, 2012, at 7:00 p.m., in the City Offices
MEMBERS PRESENT: A11
MEMBERS ABSENT: None
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL IMRPOVEMENT PLAN
CROSSOVER REFUNDING 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 offi ,O er 2- Y, 2 ( 012 .
A i trator