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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL <br />CITY OF RAMSEY MINNESOTA <br />HELD: March 13, 2012 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council of <br />the City of Ramsey, Minnesota, was duly called and held at the Ramsey Municipal Center in <br />Ramsey, Minnesota on March 13, 2012, at 7:00 p.m. for the purpose, in part, of giving preliminary <br />approval to the issuance of general obligation capital improvement plan refunding bonds and <br />adopting the capital improvement plan. <br />The following members were present: <br />and the following were absent: <br />Mayor Ramsey introduced the following resolution and moved its adoption: <br />RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF GENERAL <br />OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS IN AN AMOUNT <br />NOT TO EXCEED $17,900,000 AND ADOPTING THE CITY OF RAMSEY, MINNESOTA, <br />CAPITAL IMPROVEMENT PLAN FOR THE YEARS 2012 THROUGH 2016 <br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City ") <br />proposes to issue its general obligation capital improvement plan refunding bonds (the "Bonds ") <br />and adopt the City of Ramsey, Minnesota, Capital Improvement Plan for the Years 2012 Through <br />2016 (the "Plan"); and <br />B. WHEREAS, the City has caused notice of the public hearing on the intention to <br />issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in <br />accordance with Minnesota Statutes, Section 475.521; and <br />C. WHEREAS, a public hearing on the intention to issue the Bonds and on the <br />proposed Plan has been held on this date, following published notice of the public hearing as <br />required by law; and <br />D. WHEREAS, in approving the Plan, the City Council considered for each project and <br />for the overall Plan: <br />4485232v1 <br />1. The condition of the City's existing infrastructure, including the projected <br />need for repair and replacement; <br />2. The likely demand for the improvement; <br />3. The estimated cost of the improvement; <br />4. The available public resources; <br />5. The level of overlapping debt in the City; <br />6. The relative benefits and costs of alternative uses of the funds; <br />7. Operating costs of the proposed improvements; and <br />8. Alternatives for providing services more efficiently through shared facilities <br />with other local governmental units; and <br />