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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br /> RAMSEY, MINNESOTA <br /> <br />HELD: June 10, 2003 <br /> <br /> Pursuant to due call and notice thereof, a special meeting of the City Council of the City <br />ofRamsey, Anoka County, Minnesota, was duly called and held at the City Hall in said City on <br />Tuesday, June 10, 2003, at 7:00 P.M., for the purpose, in part, of authorizing the issuance and <br />awarding the sale of $1,285,000 General Obligation Tax Increment Crossover Refunding Bonds, <br />Series 2003. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member Zimmerman introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION #03-06-138 <br /> <br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />OF $1,2857000 GENERAL OBLIGATION TAX INCREMENT CROSSOVER <br />REFUNDING BONDS, SERIES 2003, <br /> PLEDGING FOR THE SECURITY THEREOF TAX INCREMENTS <br /> <br /> A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has <br />heretofore created Development District No. 1 (the "Development District") pursuant to the <br />provisions of Minnesota Statutes, Sections 469.124 through 469.134, and has approved a <br />development program (the "Program") with respect to the Development District; and <br /> <br /> B. WHEREAS, the City has also heretofore created Tax Increment Financing <br />District Nos. 1, 2 and 4 as redevelopment districts within the Development District (the "Tax <br />Increment District") under the provisions of Minnesota Statutes, Sections 469.174 through <br />469.179 and has approved a tax increment financing plan (the "Plan") with respect to the Tax <br />Increment District; and <br /> <br /> C. WHEREAS, tax increments derived from the Tax Increment District are referred <br />to herein as the "Tax Increments"; and <br /> <br /> D. WHEREAS, the City has heretofore determined and declared that it is necessary <br />and expedient to provide moneys for a crossover refunding of the City's General Obligation Tax <br />Increment Bonds, Series 1995A dated March 1, 1995 (the "Prior Bonds"), issued for the purpose <br />of providing money to finance the public development costs of a project within the City (the <br />"Project") pursuant to the resolution of the City Council, dated March 21, 1995, authorizing <br />issuance of the Prior Bonds (the "Prior Resolution"); and <br /> <br />1536954v I <br /> <br /> <br />