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EXTRACT OF MINUTES OF A MEETING OF THE
<br />CITY COUNCIL OF THE
<br />CITY OF RAMSEY, MINNESOTA
<br />HELD: OCTOBER 27,2009
<br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council
<br />of the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall on
<br />October 27, 2009, at P.M., for the purpose, in part, of considering proposals for and
<br />authorizing the issuance and awarding the competitive negotiated sale of $1,360,000 General
<br />Obligation Taxable State-Aid Road Bonds, Series 2009A (Build America Bonds - Direct Pay).
<br />The following members were present:
<br />and the following were absent:
<br />RESOLUTION ACCEPTING PROPOSAL ON THE NEGOTIATED SALE OF +
<br />$1,360,000 GENERAL OBLIGATION TAXABLE STATE-AID ROAD BONDS, SERIES
<br />2009A (BUILD AMERICA BONDS - DIRECT PAY)
<br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has
<br />heretofore determined and declared that it is necessary and expedient to issue $1,360,000
<br />General Obligation Taxable State-Aid Road Bonds, Series 2009A (Build America Bonds - Direct
<br />Pay) (the "Bonds" or individually, a "Bond") of the City, pursuant to Minnesota Statutes,
<br />Chapters 162 and 475, to finance the costs associated with a State-Aid street project consisting of
<br />the Sunfish Lake Boulevard project (the "Improvements"); and
<br />B. WHEREAS, the Improvements have been or will be constructed by the City
<br />under contracts which the City has or will let, all pursuant to and in accordance with the
<br />applicable provisions of Minnesota Statutes, Chapter 162; and
<br />C. WHEREAS, the City has retained
<br />,, Minnesota, as its independent financial advisor for the sale
<br />of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance
<br />with Minnesota Statutes, Section 475.60, Subdivision 2(9); and
<br />D. WHEREAS, Build America Bonds are authorized by the American Recovery and
<br />Reinvestment Tax Act of 2009, enacted on February 17, 2009 and require an irrevocable election
<br />to apply Section 54AA of the Internal Revenue Code of 1986, 1 as amended (the "Code"); and
<br />E. WHEREAS, it is in the best interests of the City that the Bonds be issued in book-
<br />entry form and as Build America Bonds as hereinafter provided; and
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey,
<br />Minnesota, as follows:
<br />1. Acceptance of Proposal. The offer of Northland Securities, Inc. (the "Purchaser"),
<br />to purchase the Bonds, in accordance with the terms and at the rates of interest hereinafter set
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