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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA HELD: DECEMBER 14, 2004 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Ramsey, Anoka County, Minnesota, was duly held at the City Hall on December 14, 2004, at __ P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of $345,000 General Obligation Equipment Certificates of Indebtedness, Series 2004B. The following members were present: and the following were absent: Member adoption: introduced the following resolution and moved its RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $345,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2004B AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City of Ramsey, Minnesota (the "City"), hereby determines and declares that it is necessary and expedient to issue $345,000 General Obligation Equipment Certificates of Indebtedness, Series 2004B of the City (the "Certificates"), pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the purchase of various equipment for the City (the "Equipment"); and B. WHEREAS, each item of equipment to be financed by the Certificates has an expected useful life at least as long as the term of the Certificates; and C. WHEREAS, the principal amount of the Certificates to be issued does not exceed one-quarter of one percent (0,25%) of the market value of the taxable property in the City ($1,460,482,300 times 0.25% is $3,651,206); and D. WHEREAS, the Certificates are being sold pursuant to a private sale as permitted by Minnesota Statutes, Sections 412.301 and 475.60, Subdivision 2(1); and E. WHEREAS, it is in the best interests of the City that the Certificates be issued in book-entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1714595vl