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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL CITY OF RAMSEY, MINNESOTA HELD: February 14, 2012 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of City of Ramsey, Minnesota, was duly called and held at the Ramsey Municipal Center in the City of Ramsey, Minnesota, on February 14, 2012, at 7:00 p.m. for the purpose, in part, of calling a public hearing on the intention to issue general obligation capital improvement plan refunding bonds and the proposal to adopt a capital improvement plan therefor. The following members were present: Mayor Ramsey, Councilmembers Backous, Elvig, McGlone, Strommen, Tossey, and Wise. and the following were absent: None Member Toss introduced the following resolution and moved its adoption: Resolution #12-02-023 RESOLUTION CALLING PUBLIC HEARING ON THE INTENTION TO ISSUE GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS AND THE PROPOSAL TO ADOPT A CAPITAL IMPROVEMENT PLAN THEREFOR A. WHEREAS, pursuant to Minnesota Statutes, Section 475.521 the City of Ramsey, Minnesota (the "City ") may issue bonds to finance capital improvements under its capital improvement plan (the "Plan") without an election provided that, among other things, prior to issuing general obligation capital improvement plan refunding bonds (the "Bonds ") the City adopts the Plan after holding a public hearing thereon and publishing a notice of its intention to issue the Bonds and the date and time of a hearing to obtain public comment on the issuance of the Bonds and adoption of the Plan; and B. WHEREAS, the City Council will hold a public hearing on March 13, 2012, on its intention to issue the Bonds and to adopt the Plan; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, that the City Council hereby calls for a public hearing on its intent to issue the Bonds and to adopt the Plan, the public hearing to be held on the date and time set forth in Exhibit A attached hereto. The City Administrator is hereby directed to cause the notice of public hearing to be published at least 14 but not more than 28 days before the date of the public hearing in the official newspaper of the City or a newspaper of general circulation in the City and further, the City Administrator may post the notice of public hearing on the City's official website, if any, at least 14 but not more than 28 days before the date of the public hearing. The motion for the adoption of the foregoing resolution was duly seconded by member Wise and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: Mayor Ramsey, Councilmembers Backous, Elvig, McGlone, Strommen, Tossey and Wise and the following voted against the same: None whereupon the resolution was declared duly passed and adopted. 4485232v1