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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION #11-09-XXX RESOLUTION APPROVING THE ISSUANCE OFGENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS, SERIES 2011B BE IT RESOLVED by the City Council of the City of Ramsey(herein, the “City”), State of Minnesota as follows: 1.The City Councilhereby finds and declares that it is necessary and expedient for the Cityto sell and issue its general obligation crossover refunding improvement bonds (herein, the “Bonds”) in an aggregate principal amountnot to exceed $3,115,000. Proceeds of the Bonds will be used to crossover refund on December 15, 2014 the December 15, 2015 through 2025 maturities of the City’s General Obligation Improvement Bonds, Series 2005B, dated June 1, 2005 as date of original issue and to pay the costs of issuing the Bonds. 2.The City Councildesires to proceed with the sale of the Bonds by direct negotiation to Northland Securities, Inc. (herein, “NSI).The Finance Directorand the City Administratorare hereby authorized to approve the sale of the Bonds in an aggregate principal amount of not to exceed $3,115,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the total net savings is at least $110,000and the savings meet the 3% savingstest as set forth in Minnesota Statutes 475.67, subdivision 12. 3Upon approval of the sale of the Bonds by the Finance Directorand the 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. 4NSI is authorized to prepareand distributean Official Statementrelated to the sale of the Bonds. 5.If the Finance Directorand the City Administratorhave not approved the sale of the bonds to NSI and executed the related bond purchase agreement by March31, 2012, this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember __________________, and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: and the following abstained: and the following were absent: th Whereupon said resolution was declared duly passed and adopted.By the Ramsey City Council this 27 day of September 2011, _______________________________ Mayor ATTEST: ____________________________________ City Clerk