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EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL OF THE
<br />CITY OF RAMSEY, MINNESOTA
<br />HELD: May 8, 2012
<br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
<br />of Ramsey, Anoka County, Minnesota, was duly held at the City Hall on May 8, 2012, at 7:00
<br />o'clock P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of
<br />$16,875,000 General Obligation Capital Improvement Plan Bonds, Series 2012A.
<br />The following members were present:
<br />and the following were absent:
<br />Member introduced the following resolution and moved its adoption:
<br />RESOLUTION ACCEPTING PROPOSAL ON THE SALE OF $16,875,000 GENERAL
<br />OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2012A, PROVIDING
<br />FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF
<br />A. WHEREAS, on March 13, 2012, after a public hearing on the same, the City of
<br />Ramsey, Minnesota (the "City") adopted the 2012-2016 Five -Year Capital Improvement Plan for
<br />the City of Ramsey, Minnesota (the "Plan") in accordance with the provisions of Minnesota
<br />Statutes, Section 475.521, Subd. 3, which provided for the acquisition of the existing city hall
<br />and public safety facility, located in the City (the "Facilities"); and
<br />B. WHEREAS, on March 13, 2012, after publication of notice of public hearing, the
<br />City held a hearing on the proposed issuance of general obligation capital improvement plan
<br />bonds pursuant to Minnesota Statutes, Section 475.521, Subd. 2 and all persons who wished to
<br />speak or to provide written information relative to the public hearing were afforded the
<br />opportunity to do so; and
<br />C. WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 475.521,
<br />Subd. 2(c): (i) a petition requesting a vote on the question of issuing the general obligation
<br />capital improvement plan bonds, signed by voters equal to five percent of the votes cast in the
<br />last municipal general election, may be filed within thirty days of the public hearing and (ii)
<br />upon receipt of such petition within the prescribed time period, the City may issue the general
<br />obligation capital improvement plan bonds only after obtaining the approval of a majority of the
<br />voters voting on the question of the issuance of the general obligation capital improvement plan
<br />bonds, consequently, the authorizations and approvals contained herein are subject to and
<br />contingent upon the City not receiving such a petition, or, in the event such a petition is filed, the
<br />approving vote of a majority of the voters voting on the question of the issuance of the general
<br />obligation capital improvement plan bonds; and
<br />D. WHEREAS, the City Council has heretofore determined that it is necessary and
<br />expedient to issue $16,875,000 General Obligation Capital Improvement Plan Bonds, Series
<br />2012A (the "Bonds" or individually, a "Bond") pursuant to Minnesota Statutes, Section 475.521
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