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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 <br />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 />4546551v1 <br />2. Bond Terms. <br />