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Councilmember introduced the following resolution and moved for its adoption: <br />RESOLUTION #11- 10 -XXX <br />RESOLUTION APPROVING THE ISSUANCE OFGENERAL OBLIGATION CROSSOVER <br />REFUNDING IMPROVEMENT BONDS, SERIES 2011B <br />BE IT RESOLVED by the City Council of the City of Ramsey (herein, the "City "), State of <br />Minnesota as follows: <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 crossover refunding improvement bonds (herein, the "Bonds ") in <br />an aggregate principal amount not to exceed $3,115,000. Proceeds of the Bonds will be used to <br />crossover refund on December 15, 2014 the December 15, 2015 through 2025 maturities of the <br />City's General Obligation Improvement Bonds, Series 2005B, dated June 1, 2005 as date of <br />original issue and to pay the costs of issuing the Bonds. <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 />$3,115,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, <br />provided the total net savings is at least $110,000 and the savings meet the 3% savings test as set <br />forth in Minnesota Statutes 475.67, subdivision 12. <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 />4 NSI is authorized to prepare and distribute an Official Statement related to the sale of the Bonds. <br />5. If the 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 March 31, 2012, this resolution shall <br />expire. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />, and upon vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />Whereupon said resolution was declared duly passed and adopted. By the Ramsey City Council this 11 <br />day of October 2011, <br />ATTEST: <br />City Clerk <br />Mayor <br />