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4057760v3
<br />Resolution #11 -08 -148
<br />EXTRACT OF MINUTES OF A MEETING OF THE
<br />CITY COUNCIL OF THE
<br />CITY OF RAMSEY, MINNESOTA
<br />HELD: August 23, 2011
<br />Pursuant to due call, a regular or special meeting of the City Council of the City of
<br />Ramsey, Anoka County, Minnesota, was duly held at the City Hall on August 23, 2011, at 7:00
<br />P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of $4,365,000
<br />General Obligation Bonds, Series 2011A.
<br />The following members were present: Mayor Ramsey, Councilmembers Backous, Elvig
<br />McGlone, Strommen, Tossey, and Wise.
<br />and the following were absent:
<br />None
<br />Member McGlone introduced the following resolution and moved its adoption:
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $4,365,000 GENERAL
<br />OBLIGATION BONDS, SERIES. 201 1A, PLEDGING FOR THE SECURITY THEREOF
<br />SPECIAL ASSESSMENTS AND LEVYING A TAX FOR THE PAYMENT THEREOF
<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 $4,365,000
<br />General Obligation Bonds, Series 2011A (the "Bonds" or individually a "Bond "), pursuant to
<br />Minnesota Statutes, Chapters 475 and 429 to finance various public improvements (the "Public
<br />Improvements ") and pursuant to Minnesota Statutes, Chapters 475 and 162 to finance the costs
<br />associated with State -Aid street projects, consisting of street improvements to East Bunker Lake
<br />Boulevard and Armstrong Boulevard (the "State -Aid Improvements" and, together with the
<br />"Public Improvements ", the "Improvements "); and
<br />B. WHEREAS, the Public Improvements and all their components have been
<br />ordered prior to the date hereof, after a hearing thereon for which notice was given describing the
<br />Improvements or all their components by general nature, estimated cost, and area to be assessed;
<br />and
<br />C. WHEREAS, the State -Aid Improvements and all their components have been
<br />ordered prior to the date hereof, and have been or will be constructed by the City under contracts
<br />which the City has or will let, all pursuant to and in accordance with the applicable provisions of
<br />Minnesota Statutes, Chapter 162; and
<br />D. WHEREAS, the City has retained Blue Rose Capital Advisors, Inc., in
<br />Minneapolis, Minnesota as its independent financial advisor for the sale of the Bonds, and was
<br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
<br />Statutes, Section 475.60, Subdivision 2(9); and
<br />E. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
<br />entry form as hereinafter provided; and
<br />
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