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<br />Councilmember Elvig introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #09-09-232 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br />STATE AID ROAD BONDS IN THE AMOUNT OF $1,360,000 FOR SUNFISH LAKE <br />BOULEVARD ROAD CONSTRUCTION <br /> <br />WHEREAS, the City of Ramsey requires additional funding for the construction <br />of Sunfish Lake Boulevard; and <br /> <br />WHEREAS, the City requests that the bond issuance be backed by the City's <br />Municipal State Aid funding; <br /> <br />WHEREAS, the annual debt service payment would be structured and repaid <br />from the City's annual allocation of street maintenance aid dollars. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1. The City Council hereby fInds and declares that it is necessary and expedient for the City to sell <br />and issue its general obligation state aid road bonds (herein, the "Bonds") in an aggregate <br />principal amount not to exceed $1,360,000. <br /> <br />2. The City Council desires to proceed with the sale of the Bonds by direct negotiation to Northland <br />Securities, Inc. (herein, "NSI). The Finance Director and the City Administrator are hereby <br />authorized to approve the sale of the Bonds in an aggregate principal amount of not to exceed <br />$1,360,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, <br />provided that the true interest cost of the bond issue is equal to or less than 3.35%. <br /> <br />3. Upon approval of the sale of the Bonds by the Finance Director and the City Administrator, the <br />City Council will take action at its next regularly scheduled meeting thereafter to adopt the <br />necessary approving resolutions as prepared by the City's bond counsel. <br /> <br />4. NSI is authorized to prepare an Official Statement related to the sale ofthe Bonds. <br /> <br />7. Ifthe Finance Director and the City Administrator have not approved the sale of the bonds to NSI <br />and executed the related bond purchase agreement by December 31, 2009, this resolution shall <br />expIre. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Mayor Ramsey, <br />upon vote being taken thereon, the following voted in favor thereof: <br /> <br />Mayor Ramsey <br />Councilmember Elvig <br />Councilmember Jeffrey <br /> <br />Resolution #09-09-232 <br />Page 1 of2 <br />