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! <br />,I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> i <br /> I <br /> <br />SCHEDULE B <br />Authorizing Resolution <br />CITY OF RAMSEY <br /> <br />RESOLUTION NO, <br /> <br />RESOLUTION AWARDING THE SALE OF, AND <br />PROVIDING THE FORM, TERMS~ COVENANTS AND <br />DIRECTIONS FOR THE ISSUANCE OF ITS <br />$ TAX INCREMENT REVENUE NOTE, <br />SERIES 199__. <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL ("COUNCIL") OF THE CITY OF <br />RAMSEY, MINNESOTA ("CITY") AS FOLLOWS: <br /> <br />Section 1. Authorization{ Award of Sale. <br /> <br /> 1.01. Authorization. The City has heretofore approved the establishment <br />of the Tax Increment Financing District No. 5 (the "TIF District") within <br />Development District No. 1 ("Development District"), and has adopted a tax <br />increment financing plan for the purpose of financing certain improvements within <br />the Development District. <br /> <br /> Pursuant to Minnesota Statutes, Section 469.178, the City is authorized to <br />issue and sell its bonds for the purpose of financing a portion of the public <br />development costs of the Development District. Such bonds are payable from all <br />or any portion of revenues derived from the TIF District and pledged to the <br />payment of the bonds. The City hereby finds and determines that it is in the best <br />interests of the City that it issue and sell its $ Tax Increment Revenue <br />Note, Series 199 (the "Note") for the purpose of financing certain public <br />development costs of the Development District. <br /> <br /> 1.02. Issuanee~ Sale~ and Terms of the Note. The Council hereby <br />delegates to the City Administrator the determination of the date on which the <br />Note is to be issued. The Note shall be issued in the total principal amount of <br />$ and shall be sold to (the "Owner").~e <br />~~'~;~- The Note shall be dated the date of initial delivery thereof, and <br />shall bear interest at the rate of __% per annum to the earlier of maturity or <br />~.'..-:~.ayment. The City shall receive in exchange for the sale of the Note the <br />agreement of the Owners to pay special assessments related to certain "Public <br />Improvements", as set forth in paragraphs and of that certain Development <br />Agreements between the City and the Owner (the "Agreement"). <br /> <br /> Section 2. Form of Note. The Note shall be in substantially the <br />following form, with the blanks to be properly filled in and the payment schedule <br />adjusted as of the date of issue: <br /> <br />B-1 <br /> <br /> <br />