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Councilmember Kuzma introduced the following resolution and moved for its adoption:
<br />RESOLUTION #16-06-124
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,650,000
<br />GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2016A,
<br />PLEDGING SPECIAL ASSESSMENTS AND LEVYING A TAX FOR THE PAYMENT
<br />THEREOF
<br />A. WHEREAS, the City of Ramsey, Minnesota (the "City"), has heretofore
<br />determined and declared that it is necessary and expedient to issue $1,650,000 General
<br />Obligation Street Reconstruction Bonds, Series 2016A (the "Bonds" or individually, a "Bond"),
<br />pursuant to Minnesota Statutes, Chapter 475 and Section 475.58, Subdivision 3b, to finance
<br />street reconstruction improvement projects under the City's 2015 through 2019 Five -Year Street
<br />Reconstruction Plan adopted on March 10, 2015 (the "Improvements"); and
<br />B. WHEREAS, on March 10, 2015, following duly published notice thereof, the
<br />Council held a public hearing on the issuance of approximately $10,000,000 principal amount of
<br />bonds to finance the Improvements and all persons who wished to speak or provide written
<br />information relative to the public hearing were afforded an opportunity to do so; and
<br />C. WHEREAS, no petition signed by voters equal to 5 percent of the votes cast in
<br />the City in the last municipal general election requesting a vote on the issuance of the street
<br />reconstruction bonds has been filed with the City Administrator within 30 days after the public
<br />hearing on March 10, 2015; and
<br />D. WHEREAS, the Bonds, together with any outstanding bonds of the City that are
<br />subject to the City's net debt limit, do not exceed the City's net debt limit; and
<br />E. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville,
<br />Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was
<br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
<br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been
<br />solicited by Ehlers; and
<br />F. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
<br />by the Administrator, or designee, at the office of Ehlers, at 11:00 A.M. on the date hereof,
<br />pursuant to the Preliminary Official Statement for the Bonds, dated June 16, 2016; and
<br />G. WHEREAS, it is in the best interests of the City that the Bonds be issued in
<br />book -entry form as hereinafter provided;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
<br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows:
<br />1. Acceptance of Proposal. The proposal of United Bankers Bank (the "Purchaser"),
<br />to purchase the Bonds, in accordance with the Preliminary Official Statement established for the
<br />Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $, plus interest
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