HomeMy WebLinkAboutResolution 2013-063 Approving the Issuance of General Obligation Bonds, Series 2013A# ;>
SERIES
ISSUER: City of Lake Elmo, Minnesota
BODY: City Council
KIND, DATE, TIME AND PLACE OF MEETINGS:
A regular meeting held on Tuesday, August b, 2013, at 7:00 o'clock PM, at City Hall
MEMBERS PRESENT: Mayor Pearson & Council Members Nelson, Smith, Bloyer, and Reeves
MEMBERS ABSENT: None
Documents Attached: Extract of Minutes of said meeting.
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 LAND officially as such recording officer on August btu' 2013.
City Clerk
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Resolution No. 2013-63
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF LAKE ELMO, STATE OF MINNESOTA
HELD: Tuesday, August 6, 2013
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Lake Elmo, State of Minnesota, was duly held on Tuesday, August 6, 2013 at 7:00 o'clock
p.m.
Council Member Snaith introduced the following resolution and moved its
adoption:
RESOLUTION.1.
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION BONDS; SERIES 2013A
BE IT RESOLVED by the City Council of the City of Lake Elmo, State of Minnesota
(herein, the "City"), as follows:
I. The City Council hereby finds and declares that it is necessary and expedient for the
District to sell and issue its fully registered general obligation bonds in the total aggregate
principal amount of not to exceed $5,725,000 (herein, the "Bonds"). The proceeds of the
Bonds will be used, together with any additional funds of the City which might be
required, to provide funding for public infrastructure within the City and to fund. the costs
of issuing the Bonds.
2. The City Council desires to proceed with the sale of the Bonds by direct negotiation to
Northland. Securities, Inc. (herein, "NSI").
3. The Finance Director and City Administrator are hereby authorized to approve the sale of
the Bonds in an aggregate principal amount of not to exceed $5,725,000 and to execute a
bond purchase agreement for the purchase of the Bonds with NSI, provided the True
Interest Cost ("TIC") does not exceed 4.50%.
4. Upon approval of the sale of the Bonds by the Finance Director and City Administrator,
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.
S. NSI is authorized to prepare and distribute an official statement related to the sale of the
Bonds.
6. If the Finance Director and the City Administrator have not approved the sale of the
bonds to NSI and executed the related bond purchase agreement by December 31, 2013
this resolution shall expire.
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Resolution No. 2013®63
The motion for the adoption of the foregoing resolution was duly seconded by Member Reeves,
and upon vote being taken thereon, the following voted in favor thereof. Pearson, Nelson, Smith,
Bloyer, and Reeves
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted on this 6 I day of August 2013 by
the City Council of the City of Lake Elmo, Minnesota.
ATTEST:
Adam Bell
City Clerk
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Resolution No. 2013-63