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and Chapter 475 to provide funds to acquire the Facilities pursuant to an advance refunding of
<br />the outstanding Public Project Lease Revenue Bonds, Series 2005A (City of Ramsey, Minnesota,
<br />Lease Obligation) of the Economic Development Authority of the City of Ramsey, Minnesota
<br />(the "EDA"), dated June 1, 2005 (the "Prior Bonds"), as provided in the Plan; and
<br />E. WHEREAS, the City has heretofore determined, in accordance with Minnesota
<br />Statutes, Section 475.521, Subd. 4, that the maximum amount of principal and interest to become
<br />due in any year on all the outstanding bonds issued under Minnesota Statutes, Section 475.521,
<br />including the Bonds, will not equal or exceed 0.16 percent of taxable market value of property of
<br />the City; and
<br />F. WHEREAS, $14,585,000 aggregate principal amount of the Prior Bonds which
<br />matures, or are subject to mandatory redemption, on and after December 15, 2015, is callable on
<br />December 15, 2014 (the "Callable Prior Bonds"), as provided in the Indenture of Trust adopted
<br />on June 1, 2005 (the "Indenture"), the refunding of the Callable Prior Bonds is consistent with
<br />covenants made with the holders of the Prior Bonds; and
<br />G. WHEREAS, $2,455,000 aggregate principal amount of the Prior Bonds which
<br />matures on December 15, 2012, through and including December 15, 2014 (the "Noncallable
<br />Prior Bonds"), will be paid on December 15, 2012, December 15, 2013 and December 15, 2014,
<br />respectively, and the payment of the Noncallable Prior Bonds is also consistent with the
<br />covenants made with the holders of the Prior Bonds; and
<br />H. WHEREAS, the City has retained David Drown Associates, Inc. , in Minneapolis,
<br />Minnesota, as its independent financial advisor for the sale of the Bonds, and was therefore
<br />authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes,
<br />Section 473.60, Subdivision 2(9); and
<br />I. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
<br />entry form as hereafter provided.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
<br />OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows:
<br />1. Acceptance of Proposal. The offer Northland Securities, Inc. (the "Purchaser"), to
<br />purchase the Bonds at the rates of interest hereinafter set forth, and to pay therefor the sum of
<br />$17,227,351.65, plus interest accrued to settlement, is hereby accepted.
<br />2. Bond Terms.
<br />(a) Original Issue Date; Denominations; Maturities; and Term Bond Option. The
<br />Bonds shall be dated June 1, 2012, as the date of original issue and shall be issued forthwith on
<br />or after such date in fully registered form. The Bonds shall be numbered from R-1 upward in the
<br />denomination of $5,000 each or in any integral multiple thereof of a single maturity (the
<br />"Authorized Denominations") and shall mature on December 15 in the years and amounts as
<br />follows:
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