Resolution - #02-12-317 - 12/10/2002

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NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, Minnesota, as follows: 1. Acceptance of Offer. The offer of Community First National Bank (the "Purchaser"), to purchase the Certificates of the City (or individually, a "Certificate"), in accordance with the terms established therefor and at the rates of interest hereinafter set forth, and to pay therefor the sum of par, plus interest accrued to settlement, is hereby accepted. 2. Title; Original Issue Date; Denominations; Maturities. The Certificates shall be titled "General Obligation Capital Equipment Certificates of Indebtedness, Series 2002A", shall be dated March 21, 2002, as the date of original issue and shall be issued forthwith on or after such date as fully registered certificates. The Certificates shall be numbered from R-1 upward in the denomination of $1,000 each or in any integral multiple thereof of a single maturity. The Certificates shall mature on December 15 in the years and amounts as follows: Year Amount Year Amount 2003 $56,000 2006 60,000 2004 58,000 2007 62,000 2005 $59,00O 3. Purpose. The Certificates shall provide funds for the Equipment. The total cost of the Equipment, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Certificates herein authorized. 4. Interest. The Certificates shall bear interest payable semiannually on june 15 and December 15 of each year (each, an "Interest Payment Date"), commencing June 15, 2003, calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity Interest Maturity Interest Year Rate Year Rate 2003 1.75% 2006 2.95% 2004 2.10 2007 3.25 2005 2.50 5. Redemption.. All Certificates shall be subject to redemption and prepayment at the option of the City on any date at a price of par plus accrued interest. Redemption may be in whole or in part. If redemption, is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City; and if only part of the Certificates having a common maturity date are called for prepayment, the specific Certificates to be prepaid shall be chosen by lot by the Certificate Registrar. Certificates or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent (if other than the City) and to each affected registered holder of the Certificates. 1479134vl 2