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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF RAMSEY, MINNESOTA <br /> <br />HELD: OCTOBER 27,2009 <br /> <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall on <br />October 27,2009, at P.M., for the purpose, in part, of cpnsidering proposals for and <br />authorizing the issuance and awarding the competitive negotiated sale of $1 ,360,000 General <br />Obligation State-Aid Road Bonds, Series 2009A. - <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />RESOLUTION ACCEPTING PROPOSAL ON THE NEGOTIATED SALE OF __1 <br />*' $1,360,000 'GENERAL OBLIGATION STATE..AID ROAD BONDS, SERIES 2009A ;>IF' <br /> <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 $1,360,000 <br />General Obligation State..Aid Road Bonds, Series 2009A (the "Bonds" or individually, a "Bond't) <br />of the City, pursuant to Minnesota Statutes, Chapters 162 and 475, to finance the costs associated <br />with a State-Aid street project consisting of the Sunfish Lake Bouleyard project (the <br />"Improvements"); and <br /> <br />B. WHEREAS, the Improvements have been or will be constructed by the City <br />under contracts which the City has or will let, all pursuant to and in accordance with the <br />applicable provisions of Minnesota Statutes, Chapter 162; and <br /> <br />C. WHEREAS, the City has retained <br />, Minnesota, as its independent financial advisor for the sale <br />of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance <br />with Minnesota Statutes, Section 475.60, Subdivision 2(9); and <br /> <br />D. 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 /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, <br />Minnesota, as follows: <br /> <br />1. Acceptance of Proposal. The offer of Northland Securities, Inc. (the "Purchaser"), <br />to purchase the Bonds, in accordance with the terms and at the rates of interest hereinafter set <br />forth, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby <br />accepted. <br /> <br />2413138vl <br />