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in the event Hagemen Holdings, LLC conveys either of the said Outlots to a <br />third party not affiliated with said LLC, the first installment of the special <br />assessments may be accelerated by the City to the May 15 next succeeding the <br />date of such conveyance. <br />Please note at this time it is not possible to set the specific interest rate applicable <br />to the special assessment as the City's bonds are not scheduled to be sold until <br />August 9, 2011. <br />3. The principal balance of the assessment may be paid off in whole at any time, plus <br />any outstanding interest and costs associated with early call provisions of the bonds. <br />4. The City Clerk shall forthwith transmit a certified duplicate of this assessment to the <br />County Auditor to be extended on the property tax lists of the County. Such <br />assessment shall be collected and paid over in the same manner as other municipal <br />taxes. <br />The motion for the adoption of the foregoing resolution was fully seconded by Councilmember Wise, <br />and upon vote being taken thereon, the following voted in favor thereof: <br />Mayor Ramsey <br />Councilmember Wise <br />Councilmember Backous <br />Councilmember McGlone <br />Councilmember Tossey <br />and the following voted against the same: <br />None <br />and the following abstained: <br />None <br />and the following were absent: <br />Councilmember Elvig <br />Vacant Seat <br />whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this <br />26th day of July, 2011. <br />Resolution #11 -07 -136 <br />Page 2 of 3 <br />